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JEC Chair Maloney Statement On
2010 1st Quarter GDP

Washington, D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC,) released the following statement after the announcement that GDP rose 3.2 percent in the first quarter of 2010: 

 “Today’s GDP number shows that the economy is growing at a solid pace.  It is a dramatic shift from a year ago when the economy shrank by 6.4 percent in the first quarter.  The economy has now grown for three straight quarters -- proof that policies matter.  Prompt actions taken by Congress and the Administration, such as the Recovery Act, played a vital role in restoring the economy to growth.

“I am especially encouraged that consumer spending increased 3.6 percent.  Consumers power our economy and are critical to a strong, sustained recovery.  Americans want to see that an increase in G-D-P translates for them into a J-O-B.   But we must be realistic about the challenge ahead of us.  With 8.4 million jobs lost during the recession, it will take time before our economy fully recovers and all unemployed workers find jobs.”

Graph: GDP Grows for Third Consecutive Quarter

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The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.

 www.jec.senate.gov

Today the Joint Economic Committee (JEC) released its monthly state-by-state report “Understanding the Economy: State-by-State Snapshots,” featuring key economic indicators for each of the 50 states and the District of Columbia.

JEC Chair Maloney's Statement on March Jobs Report

Washington D.C. - Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC), released the following statement on the Bureau of Labor Statistics' March jobs report showing that the unemployment rate remained at 9.7% and 162,000 total nonfarm jobs were added:

"The job growth in March is the strongest job creation we’ve seen since the recession began in December 2007.  I’m particularly encouraged to see that 123,000 jobs were added in the private sector, the most since May 2007. We are making progress in our efforts to get the economy moving and the path to recovery is becoming clearer. 

“Again this month, we see bright spots in manufacturing, which has now gained jobs three months in a row, and in the temporary help sector, which added another 40,000 jobs and 313,000 positions since September.  Additionally, for the first time since June 2007, the construction sector did not lose jobs.

“Still, the reality is that it will take several years to regain the 8.4 million jobs lost during the Great Recession.  To get more Americans back to work faster, Congress needs to take additional actions to expand lending to small businesses, support state and local governments hit hard by the recession, and strengthen job training for workers.   We also need to continue to reach out to the private sector to see what ideas they have to spur job creation. The Recovery Act and the recently-signed HIRE Act are important pieces of job creation legislation and I’m confident Congress will do more in the coming months.  I will remain focused on my number one priority—creating jobs.”

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Employment Charts-March 2010 report update

Mar 29 2010

Joint Economic Committee Releases Monthly Economic Snapshots of States

State-by State Report With February 2010 Economic Data Now Available

Today the Joint Economic Committee (JEC) released its monthly state-by-state report “Understanding the Economy: State-by-State Snapshots,” featuring key economic indicators for each of the 50 states and the District of Columbia.

UPDATE OF JEC REPORT REVEALS WOMEN EXPERIENCING DOUBLE-WHAMMY OF LOSING HEALTH INSURANCE COVERAGE DUE TO THEIR OWN OR SPOUSE’S JOB LOSS

Washington D.C. – More than two million women have lost their health insurance since the recession began due to their own job loss or their spouse’s job loss, according to new estimates from the Joint Economic Committee.

Since December 2007, 1.3 million women lost their health insurance when their spouse lost his job.  Another 800,000 women lost their health coverage as a result of their own job loss.  While job losses during this recession were much greater for men than women, women have fared worse than men in recent months. In the last six months, the number of women losing health insurance benefits due to their own job losses has increased nearly 50 percent.

“The job loss during the Great Recession has resulted in a significant loss of health care coverage for women,” said Chair of the Joint Economic Committee Congresswoman Carolyn Maloney.  “It’s sometimes overlooked that when a job disappears, the health insurance that families count on often disappears too.  In this recession, more than two million women have faced the brutal double-whammy of a lost job and lost health care.”

The data also show that young women are particularly vulnerable to lacking adequate health insurance coverage and have been hit hard by the recession.  With unemployment for young women (ages 19-24) now at 13.1 percent, significantly higher than the national unemployment rate of 9.7 percent, these women are less likely to have job-based coverage.  Over one quarter (26 percent) of all young women do not have health insurance coverage.

The JEC initially released a report on women and healthcare reform in August 2009, with an update in October 2009.  Both reports were prepared by the Majority Staff of the JEC. 

To access the October JEC report, Comprehensive Health Insurance Reform: An Essential Prescription for Women, click here.   The newly updated findings follow:

 Updated Findings:

  • The number of women losing health insurance benefits due to their own job loss has increased 45 percent since August 2009, when the October update of this report was released.  Although men were losing jobs faster than women at the start of the recession, this trend reversed in November 2009.  Women have now lost over 2.6 million jobs since the recession began in December 2007. Second, many women whose spouses lost their jobs have also lost their health benefits, because so many women receive coverage through a spouse’s job-based plan. The Joint Economic Committee estimates that 2.1 million women have lost health insurance benefits because of the contraction in the labor market since December 2007. 62 percent (1,286,946) lost their insurance due to a spouse’s job loss. 38 percent (792,673) of those women lost their insurance due to their own job loss.
  • Younger women are particularly vulnerable to lacking adequate health insurance coverage. Over one-quarter (26 percent) of all young women (ages 19-24) do not have health insurance coverage. The weak job market has hit young workers particularly hard, with the unemployment rate amongst young women at 13.1 percent in February 2010, the highest in a quarter century and substantially higher than the national unemployment rate of 9.7 percent. The dismal job market means that young women are less likely than ever to have access to job-based coverage, and many women who once received coverage through a parent’s health insurance plan have seen this coverage evaporate with their parents’ jobs.
Washington, D.C. – A new report released today by the Joint Economic Committee (JEC) provides an in-depth look at unemployment and long-term unemployment among African Americans and shows that both the unemployment rate and the duration of unemployment increased dramatically during the Great Recession for African American workers.