MALONEY REACTS TO DISAPPOINTING EMPLOYMENT NUMBERS
WASHINGTON, DC - Rep. Carolyn Maloney (D-NY), a senior member of the Joint Economic Committee, issued the following statement on the announcement that only 112,000 payroll jobs were created in January."The Labor Department numbers are extremely disappointing - they confirm a continued jobless recovery under President Bush. The 112,000 jobs created in January fall short of consensus exceptions and put the President on track for the first net job loss during a term since Herbert Hoover," said Rep. Maloney. "This means that relief isn't on the way anytime soon for the 7.2% of New York City area residents who are unemployed. President Bush has presided over the loss of 2.2 million new jobs since coming to office, and shockingly, his new budget predicts a $521 billion 2004 deficit, without any new ideas for putting people to work."
2.2 million jobs have been lost since President Bush became President. The economy would need to produce 186,000 a month from January 2004 to January 2005 just to get back to the level of employment at the beginning of the Administration. President Bill Clinton presided over the creation of 22 million jobs.
The Bureau of Labor Statistics estimates that 112,000 jobs were created in January for a national unemployment rate of 5.6%. The most recently available statistics for states and localities show that the New York City metropolitan area's unemployment rate was 7.2% in December.