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WASHINGTON, D.C. – Payroll employment rose by 92,000 in October, following upwardly revised increases of 148,000 in September and 230,000 in August, according to new data released today by the Bureau of Labor Statistics (BLS). The household survey measure of employment jumped by 437,000 in October, while the unemployment rate fell to 4.4 percent, its lowest level in 5 years. Chairman Jim Saxton made the following statement on the new labor market data:

Download Press Release #109-103 in PDF format

WASHINGTON, D.C. – OPEC is anything but blameless in the oil price surge of the last two years.  The cartel is the single greatest cause of market instability, as it fans market fears with intermittent quota and output cuts to extend the price surge.  Even assuming that OPEC was surprised by increased Asian oil demand and initially hesitant to view the increase as permanent, the cartel has had plenty of time to exercise market leadership.  Instead, OPEC refuses to endorse a long-term price band and opportunistically seeks to extract as much revenue from the market as feasible.  This year the cartel’s oil revenue will approach $600 billion dollars, up from about $200 billion per year prior to 2003. 

Download Research Report #109-46 in PDF format

WASHINGTON, D.C. – Personal income, after accounting for inflation and taxes, jumped 0.8 percent in September and 3.9 percent over the last year, according to new data released today by the Commerce Department. The decline in energy prices helped boost this measure of income -- real disposable personal income -- and recently has had similar effects on other measures of income and earnings. Chairman Jim Saxton made the following statement regarding the new data:

Download Press Release #109-102 in PDF format

WASHINGTON, D.C. – Inflation-adjusted gross domestic product (GDP) advanced at an annual rate of 1.6 percent in the third quarter of 2006 and 2.9 percent over the last year. In the third quarter of 2006, consumer spending increased 3.1 percent, while equipment and software investment rose 6.4 percent. However, a decline in residential investment shaved over one percentage point off the growth rate in the last quarter. The Commerce Department data release “emphasized that the third-quarter ‘advance’ estimates are based on source data that are incomplete or subject to further revision…”

Download Press Release#109-101 in PDF format

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