Economy

POSTED: Monday, November 2, 2009 - 8:44am

UPDATED: Wednesday, February 17, 2010 - 2:25pm

New numbers due out today on the state of the economy

When President Obama hears from his private economic experts this morning, they'll no doubt mention today's new numbers on pending home sales, construction spending, manufacturing and the weekend bankruptcy of CIT.

That company finances more than half the retail industry, helping 300-thousand stores pay for the products you buy.

CIT’s Chapter 11 filing shows the economy is still hurting.

President Barack Obama said, “Our work is not yet done. We are digging ourselves out of a hole, and we've begun to pull ourselves back from the brink."

But the Obama Administration insists stimulus money is working.

We'll find out Friday, when the Government reports how many jobs were lost in October.

Economists are expecting 175-thousand. The administration is focusing on jobs saved.

Treasury Secretary Tim Geithner said, "When a city doesn't have to fire a fireman, when it can keep teachers in the classroom, cops on the streets, firemen in the firehouse, that's a job saved."

But Republicans say there's really no way to calculate that.

House Minority Leader, Representative John Boehner of Ohio said, "I would hope that we've seen some economic growth. But Americans all around the country continue to ask the question, where are the jobs?"

Today, every major department head in the Obama Administration will have to answer that question.

They're meeting at the White House to talk about what each arm of Government is doing to create new jobs and whether it's working.

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