mr. paulson brought up. you would agree with population growth we have to see about 120,000 new jobs created every month just to maintain the status quo; is that right? >> you know, it's not a very precise number, but, you know, there are numbers along those lines, yes. >> am i mitting the -- hitting the middle point. am i off? >> yeah. it's true. >> thank you. [laughter] >> and this month we created only 74,000 new jobs; right. so if you look at just to maintain our employment rate, you have to be 130,000, but this month we're at 74,000. and i think oftentimes america will hear the unemployment rate going from 7% down to 6.7%. and they would view that as the country going in the right direction in regard to job creation and economic growth. but what would you agree actually the reduction in the unemployment rate is not an indicater of strong job growth like many american may think? so there are -- i'm going unpack things a little bit. the decline in the unemployment rate certainly this month we think of som

mr. paulson had brought up. with population growth we have to see about 130,000 new jobs created every month just to maintain the low. is that right? number,is not a precise but there are numbers along those lines. number, ismiddle that arranged around 130,000? this month we created only 74,000 new jobs. just to maintain our employment 130,000, have to have this

mr. paulson had brought up. with population growth we have to see about 130,000 new jobs created every month just to maintain the low. is that right? number,is not a precise but there are numbers along those lines. number, ismiddle that arranged around 130,000? this month we created only 74,000 new jobs. just to maintain our employment 130,000, have to have this had 74,000. many times america will hear the unemployment rate go from seven percent to 6.7% and would view as the country going in the right direction in regard to job creation and economic growth. but would you agree that actually the reduction in the unemployment rate is not an indicator of strong job growth like many of americans may think? >> i will unpack things a little bit. the decline in the unemployment , is somewhere around two thirds due to the decline in labor force participation. and about one third to job creation. speaking, the employment and population ratio has essentially stayed about the same since late 2009. so that is problematic. b

steve paulson talking about mr. drizzle back in town. >> brandon said the same thing. 57 degrees.down to morgan hill. you can always send me information. twitter sp weather. things are juicing up a little bit if you will. we need this whole pattern to drop south. we have the moisture in place. rainfall projections through friday are really, really come on a couple .10. maybe a quart every of an inch for some. 50s to near 60 degrees. sfo59. walnut creek is 59. a lot of cloud cover continues to scream in. i know it's raining up in crescent city. for us withly have a cloudy to mostly cloudy day. muggy, drizzle here in the morning, mideastly cloudy day. then hopefully things will drop farther south. overall temperatures will go from very mild to warm to very cool as we head toward friday. 60s today. here is sal. >>> the east bay traffic is not that great. we've been talking about southbound 880 at 980. and we have a crash at keller. that one turned out to be no serious injuries. medics were refused at the scene. now we have a new crash at the caldecott tunnel. in fact, westbound 24 at

paulson. >> thank you, mr. chairman, and thanks also for being here today to testify. you know, it goes without saying that today's employment report has some disappointing news. as you mentioned, it's not strongly encouraging. the numbers are well below what the country needs to do just to add on a monthly basis, 130,000 jobs need to be added per month just to keep up with population growth, so i'm sure you'd agree we have a long way to go on the road to recovery. we're still well over a million jobs where we were in december of '07 at the event, at the start of the last recession, and the labor participation rate, staggering numbers, is still really, really low, almost dropping 350,000 last month alone. let me just turn to something that many of us refer to as the jobs grab. jobs gap. the difference between the average employment growth following a recession and the more anemic employment growth that has followed the most recent recession. four and a half years after the recession ended, there are still fewer payroll jobs than pre-recession. so by various measures, t