December 3, 2009
Posted: 02:45 PM ET
By Tami Luhby, CNNMoney.com senior writer
NEW YORK (CNNMoney.com) - With rising unemployment stymying the president's economic revival plans, the Obama administration is huddling with business leaders, academics and other experts Thursday to find a way to jumpstart hiring.
Some 130 people will gather for the afternoon jobs summit at the White House on the eve of the government's November unemployment report. The nation is expected to have lost another 114,000 jobs, with unemployment remaining at 10.2%, the highest in 26 years, according to an economists' survey.
The employment picture is certainly grim. Nearly 16 million Americans are out of work, one-third of whom have been unemployed for more than six months. There are now six workers competing for every job vacancy.
President Obama and some lawmakers are searching for a way to stem this unrelenting loss of jobs, which is casting doubt on effectiveness of many of his economic programs, from his $787 billion stimulus plan to his $75 billion foreclosure prevention initiative.
"We are going to be bringing together people from all across the country ... to explore how we can jumpstart the hiring that typically lags behind economic growth, but we don't want to wait," Obama said last week.
Invited executives include Google CEO Eric Schmidt, Disney chief Bob Iger, Boeing head James McNerney and AT&T's Randall Stephenson. Also expected are United Steel Workers president Leo Gerard, San Antonio Mayor Julian Castro, former Fed vice chairman Alan Blinder and Paul Krugman, the Nobel Prize-winning economist and New York Times columnist.
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