Romney Campaign Press Release - Week In Review In The Obama Economy

"By any measure, middle-class Americans aren't better off in the Obama economy. This week alone, industrial production plummeted, poverty remained stuck at record levels, and families continued to struggle with fewer jobs and higher costs. President Obama just hasn't delivered for the families who needed him the most. Mitt Romney will reverse the Obama economy's decline by creating 12 million new jobs and higher take-home pay for American workers." — Amanda Henneberg, Romney Campaign Spokesperson

Today, New Economic Reports Showed Industrial Production In Decline Due To Ongoing Struggles In The Obama Economy:

Industrial Production At Manufacturers Around The Country Plummeted In August. "The 1.2 percent decrease at factories, mines and utilities followed a revised 0.5 percent gain in the prior month, figures from the Federal Reserve showed today. The median estimate in a Bloomberg survey of 81 economists called for production to remain unchanged. Manufacturing, which makes up 75 percent of the total, fell 0.7 percent." (Shobhana Chandra, "U.S. Industrial Production Fell In August," Bloomberg, 9/14/12)

• The Production Numbers Reinforce "Concern That A Pillar Of The Expansion Is Faltering." "Industrial production in the U.S. shrank in August by the most since March 2009, reinforcing concern that a pillar of the expansion is faltering." (Shobhana Chandra, "U.S. Industrial Production Fell In August," Bloomberg, 9/14/12)

Economic Experts Have Blamed "Domestic Policy Uncertainty" As One Of The Driving Causes Behind The Manufacturing Slowdown. "'Manufacturing has run out of steam in the face of global economic headwinds and domestic policy uncertainty,' Nigel Gault, chief U.S. economist at IHS Global Insight in Lexington, Massachusetts, said before the report. 'Slower growth in exports and business capital spending will keep growth subdued.'" (Shobhana Chandra, "U.S. Industrial Production Fell In August," Bloomberg, 9/14/12)

And While Industrial Production Is Plummeting, Middle-Class Americans Are Still Struggling To Find Work And Make Ends Meet:

In 2011, 46.2 Million People Lived In Poverty — Nearly One In Six Americans. "About 46.2 million people, or nearly 1 in 6, were in poverty. That is not statistically different from the 15.1 percent who were impoverished in 2010." ("Census Bureau: Poverty Rate Remains At 15 Percent," The Associated Press, 9/12/12)

• "The Ranks Of America's Poor Remained Stuck At Record Levels..." "The ranks of America's poor remained stuck at record levels, although dwindling unemployment benefits and modest job gains helped stave off what experts had predicted would be the fourth rise in a row in the poverty rate." (Hope Yen, "US Poverty Rate Unchanged; Record Numbers Persist," The Associated Press, 9/12/12)

"The Gap Between Rich And Poor Americans Grew In 2011 As The Poverty Rate Remained At Almost A Two-Decade High." "The gap between rich and poor Americans grew in 2011 as the poverty rate remained at almost a two-decade high. The U.S. Census Bureau released figures today that showed household income fell, underscoring a sputtering economic recovery that's at the heart of the presidential campaign." (Catherine Dodge and Frank Bass, "Rich-Poor Gap Widens To Most Since 1967 As Income Falls," Bloomberg, 9/12/12)

Last Week, The Number Of Jobless Claims Rose 15,000 To 382,000 — The Highest In Two Months. "Initial claims for state unemployment benefits rose 15,000 to a seasonally adjusted 382,000, the highest in two months, the Labor Department said on Thursday. The prior week's figure was revised up to show 2,000 more applications than previously reported." ("Weekly Jobless Claims Jump; Producer Prices Gassed Up," Reuters, 9/13/12)

The Kaiser Foundation Reported That The Average Cost Of Family Health Care Premiums Have Increased From $12,680 To $15,745 — An Average Increase Of Over $3,000 Per Family. ("Employer Health Benefits, 2012 Annual Survey, Exhibit 6.4" The Kaiser Family Foundation, 2012)

The U.S. Labor Department Reported That Wholesale Prices Increased By 1.7% In August. "The producer-price index, which measures how much manufacturers and wholesalers pay for finished goods, increased a seasonally adjusted 1.7% in August from a month earlier, the Labor Department said Thursday. The biggest gain since June 2009 was largely a result of energy prices rising 6.4% for the month." (Eric Morath and Sarah Portlock, "Producer Prices Post Biggest Gain In 3 Years," The Wall Street Journal, 9/13/12)

• "The Largest One-Month Gain In More Than Three Years ... Could Create Inflation Pressures." "U.S. wholesale prices in August posted the largest one-month gain in more than three years, fresh evidence that advancing energy costs could create inflation pressures." (Eric Morath and Sarah Portlock, "Producer Prices Post Biggest Gain In 3 Years," The Wall Street Journal, 9/13/12)