Job Growth Slow and Lagging Behind Other Administrations1
- Job growth under President Bush is among the slowest of any Administration in over 70 years
- Job creation per month per year has averaged 67,900 since 2001; typically the economy needs to create 150,000 to 200,000 jobs each month to keep pace with population growth
- Job growth is projected to fall to 55,000 per month during the first half of 2008
- The unemployment rate was 4.9 percent in January 2008; .7 percentage points higher than when President Bush took office in January 2001
- African Americans unemployment rate was 9.2 percent in January 2008, up almost 1 percent from 2001
- Latino unemployment rate was 6.3 percent in January 2008, up from 5.8 percent in 2001
- 18.3 percent of the unemployed have been unemployed for more than 26 weeks as of January 2008, the maximum number of weeks for collecting regular unemployment insurance
- At 1.4 million, the number of long-term unemployed is higher today than it was when Congress first enacted unemployment compensation after the 2001 recession
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