By Alicia M. Cohn - 09/07/12 02:08 PM EDT
The economy only added 96,000 jobs in August, well below expectations. The Bureau for Labor Statistics also downgraded reports from previous months. Unemployment rate fell to 8.1 percent from 8.3 percent but so did labor force participation, meaning many people gave up on looking for jobs.
Ryan, the chairman of the House Budget Committee, called it a "very tepid report."
"This is not what President Obama promised," he said, once again slamming the president for "lofty rhetoric" but an inability to follow through.
"He's great at giving speeches, he's good at making promises ... if you take a look at his record, it just doesn't hold up," he said. "We need to stop this notion of a government-driven economy."
In contrast, White House Economic adviser Alan Krueger in a separate interview Friday on CNBC said: "Recoveries have ups and downs; that's the nature of recoveries."
Krueger said although the jobs report clearly showed there is more work to be done on the economy, "we see a pattern that the economy's continuing to heal."
Ryan promised "pro-growth" policies from the Republican presidential ticket and said, "America can be a port in the storm in the world economy."
But he shied away from criticizing Federal Reserve Ben Bernanke. Asked whether Bernanke would be fired on Day One of a GOP presidency, Ryan said: "I don't think it's appropriate to comment on what you'd do with personnel such as that."
He added that he's known Bernanke for a long time even though they have "disagreements."
Mitt Romney told Fox Business Network last month that he would replace Bernanke when his term expires in 2014 with "someone who shared my economic views."