Massive Job Loss Underscores Need for Action
Friday, December 5, 2008
WASHINGTON, DC—House Majority Whip James E. Clyburn today commented on the staggering November job loss numbers.
“The U.S. economy lost 533,000 jobs in November, the highest single-month job loss since December 1974. Over the past three months alone, both major indices show that about 1.2 million workers have lost jobs. The unemployment rate rose to 6.7 percent, while the underemployment rate jumped to 12.5 percent, the highest level in the history of the measure.
“How far does the economy have to fall before President Bush takes action? We passed recovery legislation in the House two months ago to create jobs, strengthen the economy, and provide food assistance to the increasing number of families who are struggling to feed their children. It’s time for the current President to remove his opposition to recovery legislation and help us respond to the wide-spread economic crisis in this country.”