SEPTEMBER JOB GROWTH LESS THAN PREDICTED

Oct 8, 2004
Press Release

WASHINGTON, DC - Today, the Department of Labor released statistics showing that only 96,000 jobs were created last month, only two-thirds of what Wall Street analysts expected and far short of the 150,000 new jobs the Bureau of Labor Statistics states are needed just to keep pace with the number of people coming into the job market. Rep. Carolyn Maloney (NY-14), member of the Joint Economic Committee and ranking member on the Subcommittee on Domestic and International Monetary Policy, Trade and Technology, said the following:

“President Bush remains the only President since Hoover to have a net job loss during his term in office. All other Presidents have posted job gains. Since President Bush took office, the country has lost 1.8 million jobs.

“The Republicans are blaming the weather. But the Bureau of Labor Statistics was very clear: the hurricanes ‘did not materially affect’ these unemployment figures.

“As these figures confirm, America is moving in two directions: richer and poorer. And the gap is widening. Since early 2001 corporate profits have increased 48 percent – while workers’ wages have only increased 10 percent.

“4.3 million more Americans are living in poverty today than were living in poverty before President Bush took office. That is like the entire upper mid West – North Dakota, South Dakota, Montana, Wyoming and Idaho -- becoming a Third World country.”

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