msnbc   |  January 10, 2014

Why the bad jobs report?

Rep. Hakeem Jeffries, D-N.Y., explains why the bad December jobs numbers may not be as dire as they look.

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This content comes from Closed Captioning that was broadcast along with this program.

>>> and now we turn to a dip in the nation's jobless rate. the jobs report out today shows a 74,000 jobs added and the plunge in the job rate to 6.7%. speaker boehner said, quote, where are the jobs? they had a different view.

>> the short-term employment rate is roughly at where it was during the last expansion and maybe a little below it. the unemployment problem we have is truly concentrated in the long-term unemployment part of it. it is at the heart of the debate at how to move forward on the long-term unemployment insurance .

>> let me start with what john boehner always says, where are the jobs? i think the counterargument is where's the jobs bill? and where are the jobs benefits? the house isn't under enough pressure to vote on that.

>> it's important to note that it is likely those numbers will be revised up. these are just preliminary numbers and are often revised up as were the october and november numbers. there's a view commonly accepted that the extreme weather in december may have cost 75,000 jobs from being added, which would have been there. the president inherited a train wreck in terms of the economy. it is going to take time to get the economy back on track. we certainly have not gone as far as we need to go. part of the reason is the republican obstruction in the house of representatives .

>> you talk about the jobs created and the president is moving towards a state of the union where he is going to push for a raise in the minimum wage to make sure those are livable wages. number two, i want you to look at this chart. this is from the bureau of labor statistics . the crashing red line is basically what just happened when we cut off benefits for the long-term unemployed. what that basically means is the percent of people who are out of work getting covered by some benefits has crashed. these people are suffering more. what do you make of that and what are you telling your constituents?

>> it will an adverse impact on the economy. it could cost us about 240,000 jobs that will not be created. you hurt the broader economy because you lowered demand. it reduces economic activity . the loss of economic activity hurts the economy.

>> are you in a wait and see mode?

>> we are, but we're troubled by the allegations and the information that's come forth. christie referred to state legislators as animals. that's problematic.

>> thank you very much congressman for your time today.