Chairman Bennett: "Good News Continues for America
Washington, DC—Joint Economic Committee Chairman Robert F. Bennett released the following statement on the employment report issued this morning by the Bureau of Labor Statistics. The statement was released in conjunction with a Joint Economic Committee hearing on the employment situation, which featured testimony from Bureau of Labor Statistics Commissioner, Kathleen Utgoff.
“Today’s report of an increase in payroll employment of 248,000 jobs in May confirms that America’s job market is continuing its robust expansion. Nine consecutive months have added a total of 1.4 million jobs to U.S. payrolls. Over half a million jobs were created in the last two months alone.
“Manufacturing employment also added 32,000 jobs across the U.S. in May, with 91,000 manufacturing jobs added in the past four months. The unemployment rate remained at 5.6%, staying well below its peak of 6.3% a year ago.
“In addition, April data from the Department of Labor showed that employment has increased in 44 states and the unemployment rate has fallen in 47 states over the past year. This job growth reflects an outstanding expansion in both service-producing industries and manufacturing reported across the country.
“In the 90 days following September 11th, our country lost 960,000 jobs. Now, in the last 90 days, we have added 947,000 jobs. Despite the enormous impact on our economy of the tragic event nearly three years ago, well-timed economic policies, coupled with a strengthening economy have created an environment for strong job creation.
“While today’s focus is on employment numbers, I’d like to point out that other indicators show the overall economy continues its robust growth, which will translate into more jobs as the recovery moves forward. The U.S. economy grew at an impressive pace of 4.4 % in the first quarter of this year, averaging an annualized 5.5 % over the last three quarters, the strongest three-quarter growth performance in 20 years.
“As the economy recovers, Americans are in a better position to provide for their families, and American businesses can continue to grow and compete successfully in the global market.”
“Today’s report of an increase in payroll employment of 248,000 jobs in May confirms that America’s job market is continuing its robust expansion. Nine consecutive months have added a total of 1.4 million jobs to U.S. payrolls. Over half a million jobs were created in the last two months alone.
“Manufacturing employment also added 32,000 jobs across the U.S. in May, with 91,000 manufacturing jobs added in the past four months. The unemployment rate remained at 5.6%, staying well below its peak of 6.3% a year ago.
“In addition, April data from the Department of Labor showed that employment has increased in 44 states and the unemployment rate has fallen in 47 states over the past year. This job growth reflects an outstanding expansion in both service-producing industries and manufacturing reported across the country.
“In the 90 days following September 11th, our country lost 960,000 jobs. Now, in the last 90 days, we have added 947,000 jobs. Despite the enormous impact on our economy of the tragic event nearly three years ago, well-timed economic policies, coupled with a strengthening economy have created an environment for strong job creation.
“While today’s focus is on employment numbers, I’d like to point out that other indicators show the overall economy continues its robust growth, which will translate into more jobs as the recovery moves forward. The U.S. economy grew at an impressive pace of 4.4 % in the first quarter of this year, averaging an annualized 5.5 % over the last three quarters, the strongest three-quarter growth performance in 20 years.
“As the economy recovers, Americans are in a better position to provide for their families, and American businesses can continue to grow and compete successfully in the global market.”
