U.S. President Barack Obama touts new employment figures showing non-farm payrolls rising 223,000 in June, but says even more needs to be done. Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) STORY: U.S. President Barack Obama on Thursday (July 2) touted new employment figures from the the U.S. Labor Department which show that non-farm payrolls rose 223,000 last month, although the figure was down from 254,000 in May. "All told, we've now seen 64 straight months of private sector job growth which is a new record," Obama told an audience at La Crosse, Wisconsin, where Republican Governor Scott Walker has made a name for himself by clashing with labor unions. "12.8 million new jobs all told and that's good but we've got more work to do," Obama said, during a speech aimed at pushing for more overtime pay for U.S. workers. The unemployment rate fell two-tenths of a percentage point to 5.3 percent, the lowest since April 2008, but that was a sign of weakness not strength as it reflected about 432,000 people leaving the labor force. The job growth slowed in June and Americans left the labor force in droves, tempering expectations for a September interest rate hike from the Federal Reserve. The shrinking work force drove the labor force participation rate, or the share of working-age Americans who are employed or at least looking for a job, down to 62.6 percent, the lowest reading since October 1977.