Bennett: "Job Growth is Back"
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 288,000 jobs in April confirms that America’s job market is continuing its expansion. Payroll numbers for March were revised up to 337,000 from the previously reported 308,000. It is the eighth consecutive month of job gains, and brings us to a total of 1.1 million jobs that have been added to U.S. payrolls in the past eight months.
“The unemployment rate fell to 5.6 percent in April, well below its peak of 6.3 percent last June.
“The steady job growth that continued in April shows that businesses are increasingly confident in investment and hiring. Manufacturing employment has now grown for three consecutive months, a very positive sign after years of industrial job losses.
“Initial jobless claims dropped to 315,000 last week, the lowest reading since October 2000. Jobless claims for unemployment benefits have been on a downward trend for more than a year and have fallen to the levels we would expect to see with strong job growth.
“While today’s focus is on employment numbers, it is important to point out that other indicators show the overall economy continues its robust growth, and this growth will translate into more jobs as the recovery moves forward. The U.S. economy grew at an impressive pace of 4.2 percent in the first quarter of this year, averaging an annualized 5.5 percent over the last three quarters, the strongest three-quarter growth performance in 20 years.”
“Today’s report of an increase in payroll employment of 288,000 jobs in April confirms that America’s job market is continuing its expansion. Payroll numbers for March were revised up to 337,000 from the previously reported 308,000. It is the eighth consecutive month of job gains, and brings us to a total of 1.1 million jobs that have been added to U.S. payrolls in the past eight months.
“The unemployment rate fell to 5.6 percent in April, well below its peak of 6.3 percent last June.
“The steady job growth that continued in April shows that businesses are increasingly confident in investment and hiring. Manufacturing employment has now grown for three consecutive months, a very positive sign after years of industrial job losses.
“Initial jobless claims dropped to 315,000 last week, the lowest reading since October 2000. Jobless claims for unemployment benefits have been on a downward trend for more than a year and have fallen to the levels we would expect to see with strong job growth.
“While today’s focus is on employment numbers, it is important to point out that other indicators show the overall economy continues its robust growth, and this growth will translate into more jobs as the recovery moves forward. The U.S. economy grew at an impressive pace of 4.2 percent in the first quarter of this year, averaging an annualized 5.5 percent over the last three quarters, the strongest three-quarter growth performance in 20 years.”
