Congress works to stall unemployment

Friday, October 3, 2008 at 10:53AM
Staff in Carolyn Maloney, Congress, bailout, bureau of labor statistics, economy

Rep. Carolyn Maloney (D-N.Y.) said that the United States is in "an unbearable financial situation" in a Joint Economic Committee Hearing. She said the job market has been "deteriorating" for the last year.

Bureau of Labor Statistics Commissioner Keith Hall said that jobs have been lost for nine consecutive months. According to Hall, a recession is realized after nine or 10 consecutive months of job losses. He said that the biggest job losses have been in industries such as manufacturing, retail, and construction. Hall said the U.S. currently has "a broadly weak labor market." He also said said that the many jobs that have been shipped overseas "did not return."

The September Jobs Report released today, showed that 159,000 jobs were lost this September, the highest monthly loss in five years and the unemployment rate is at 6.1 percent. The report also said that while wages have increased by 3.4 percent in the last year, inflation has increased by 5.4 percent.

Article originally appeared on Talk Radio News Service: News, Politics, Media (http://www.talkradionews.com/).