July 08, 2005

Unemployment Rate Drops to Lowest Point in Almost Five Years

Very good economic news:

WASHINGTON - The unemployment rate dipped in June to its lowest level in nearly four years as employers expanded payrolls modestly, a sign that the nation's job market is plugging — not powering — ahead. The latest employment snapshot from the Labor Department on Friday supported the view of Federal Reserve Chairman Alan Greenspan and his colleagues that the economy is in good shape and the labor market is gradually improving despite high energy prices. The civilian unemployment rate dropped to 5 percent in June, down a notch from 5.1 percent in May and the lowest since September 2001. The jobless rate has drifted downward after hitting 6.3 percent in June 2003, its highest point during the economic recovery....For the first half of this year, job growth has averaged 181,000 a month, close to the average 183,000 jobs created each month in 2004. "That's an amazingly steady and healthy pace," said Stuart Hoffman, chief economist at PNC Financial Services Group. "Is 180,000-plus jobs a month great? No. It is good and solid? Yes."

Of course, not all people are ready to call Bush's economic program a success. Namely, of course, the Democrats:

But Sen. Jack Reed (news, bio, voting record) of Rhode Island, a top Democrat on Congress' Joint Economic Committee, countered: "Another month of disappointing job growth ... means the economic benefits of this recovery are not being broadly shared with American workers."

What is he putting in his Kool-Aid??? I realize the nature of political partisanship, but this is just silly.
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