By the Joint Economic Committee, Special for US Daily Review.
The latest U.S. jobs report shows yet another lackluster month for job creation. The Bureau of Labor Statistics announced today that payroll job growth was just 80,000 for the month of October, and the unemployment rate was 9.0%, within the 9.0% to 9.2% range where it has been since mid-summer.
“At this anemic pace, the answer to when America’s unemployment will return to the level before the recession is never”, said U.S. Congressman Kevin Brady (R-Texas), the vice chairman and top Republican on the Joint Economic Committee. “If you’re one of the 25 million Americans who can’t find work or a full-time job, today’s numbers are disheartening, yet again.”
More than two years after the recession officially ended, there are 6.4 million fewer payroll jobs in America than when the recession began, and nearly that many are out of work for the long term, notes Brady.
“Enough is enough. The President’s economic policies are just not working. Hardworking Americans deserve a fresh start. What they don’t need is a second round of stimulus we can’t afford that creates tax-payer subsidized government jobs.”
October’s performance continues a trend of anemic job growth that had persisted throughout the summer and into the fall. During the last six months, payroll job growth has averaged just 90,000 per month, well below the level of 130,000 needed to begin to reduce the nation’s high unemployment rate.
“Instead of more stimulus sugar highs, we need long term policies that will put high octane jet fuel into our private sector engine instead of headwinds and turbulence on the flight path to more robust economic growth,” added Brady. “The Administration needs to stop patting itself on the back and reverse course on stimulus spending and over-regulation that actually harm American workers and keep our businesses from making key job-creating investments.”