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Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC) released the following statement on the Bureau of Labor Statistics' February jobs report showing that the unemployment rate was unchanged at 9.7% and 36,000 total nonfarm jobs were lost.
Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee, holds a hearing on the newly released employment figures for February from the Bureau of Labor Statistics (BLS).
On Friday, March 5, the Bureau of Labor Statistics (BLS) will release its February 2010 employment report, showing the net number of jobs created or lost during the month of February as well as the unemployment rate. Currently, the consensus forecast is that 50,000 jobs were lost in February, although estimates range from 150,000 jobs lost to 30,000 jobs gained.
JEC CHAIR MALONEY: “TODAY’S JOB REPORT SHOWS PROGRESS, BUT WE MUST CONTINUE FOCUSING ON JOB CREATION”

Joint Economic Committee Hears from Bureau of Labor and Statistics on January Jobs Report

Washington, D.C. – The Joint Economic Committee (JEC) held a hearing on the newly released employment figures from the Bureau of Labor Statistics (BLS).  BLS Commissioner Keith Hall testified to recent developments in the labor market and answered questions on national employment trends.

“During the last three months of the Bush administration, we lost an average of 727,000 jobs per month.  In contrast, during the most recent 3 months of the Obama administration, we lost an average of 35,000 jobs each month.  The trend is heading in the right direction,” said JEC Chair Carolyn B. Maloney.  

Before a hearing today of the Joint Economic Committee, BLS Commissioner Keith Hall testified, “The past three months, we’ve had essentially no change [in jobs], a dramatic improvement over earlier.”

Today's employment report included some notable bright spots:

•    The temporary help sector, an early indicator of progress in the labor market, added 52,000 positions in January, and has added 247,000 jobs since September.

•    The manufacturing sector expanded for the first time in three years, adding 11,000 jobs.

•    Average weekly hours have risen, probably driven by the increase in manufacturing hours, which have increased 1.2 hours since June.  Average weekly earnings have also risen.

•    The number of people working part time, but who would like full-time work fell by nearly 850,000 and reached its lowest level in a year.  Combined with the average work week increasing, this is a sign that there are more full-time positions available.

“Today’s jobs report makes it clear – we are making progress, but the road to recovery will be long, and it will not be easy.  While we have brought the economy back from the brink, we are not yet where we need to be in terms of job creation. The mission is to create high-quality private-sector jobs,” said Chair Maloney.   

The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.
 www.jec.senate.gov

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JEC Chair Maloney on January Jobs Report

Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC), released the following statement on the Bureau of Labor Statistics’ January jobs report showing that the unemployment rate fell to 9.7 percent and 20,000 total nonfarm jobs were lost:

“The January jobs report, showing a drop in unemployment, provides fresh evidence that the Recovery Act has gotten the economy moving again and is helping to get Americans back to work.  We’ve come a long ways since January 2009, when 779,000 jobs were lost.  While we still have a great deal of work to do, and far too many Americans remain unemployed or underemployed, today’s report is an important sign of progress.  It shows that the GDP growth recorded in the past two quarters is now having an impact on the labor market and making a difference in the lives of Americans looking for work.”

The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.
 www.jec.senate.gov
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 Joint Economic Committee to Hold Hearing on Job Creation and Economic Growth on Feb. 9

Washington, D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC), will hold a hearing to discuss ways to promote job creation, as well as discuss the short-term outlook for employment and economic growth.  The hearing entitled, “The Road to Economic Recovery: Policies to Create Jobs and Continue Growth,” will take place Tuesday, February 9, 2010 at 10 a.m. in room 210 of the Cannon House Office Building.

The JEC will hear from expert witnesses regarding: the short-term outlook for employment and GDP, including some recent CBO forecasts; best practices to create jobs in the private sector, including the design of an employer tax credit; and forecasts of growing sectors of the economy and the regional employment implications of that growth.
                                                                                                                                              
WHAT:                 Hearing on “The Road to Economic Recovery: Policies to Create Jobs and Continue Growth”

WHEN:                 10:00 a.m., Tuesday, February 9, 2010

WHERE:               210 Cannon House Office Building

WHO:                   Panel I
                                The Honorable Douglas W. Elmendorf, Director,
                                Congressional Budget Office
                                Washington, DC     

                                The Honorable Alan Blinder, Gordon S. Rentschler Memorial Professor of Economics and Public Affairs
                                Co-Director of Center for Economic Policy Studies
                                Princeton University
                                Princeton, NJ
                
                                Dr. Lawrence Katz, Elisabeth Allison Professor of Economics and Research Associate of the NBER
                                Harvard University
                                Boston, MA        
                                
                                Panel II
                                The Honorable Roger C. Altman, Founder and Chairman
                                Evercore Partners
                                New York, NY

                                Dr. Mark Zandi, Chief Economist
                                Moody’s Economy.com
                                Philadelphia, PA

                                Mr. Jeffrey Joerres, CEO
                                Manpower Inc.
                                Milwaukee, WI

Additional witnesses may be added.


The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.

www.jec.senate.gov

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Rep. Maloney's Statement on 4th Quarter GDP Report

Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee released the following statement on the announcement that the real gross domestic product (GDP) increased at a rate of 5.7% in the fourth quarter of 2009:

“Today’s GDP number shows that the recovery which began in the third quarter of 2009 accelerated in the fourth quarter.  The economy has now grown for the past six months, providing fresh evidence that the Recovery Act, which Congress passed in February 2009, is working.   

“After four quarters of the economy contracting, we now have two quarters of growth and continued signs that the economy is on an upward path.   We need to be vigilant that this increase in GDP translates into an immediate increase in jobs.  In Congress, we need to continue to focus on creating good jobs that lift employment levels, boost consumer spending, and strengthen our economy.”  

GDP

The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.

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Washington, D.C. – A new report released today by the Joint Economic Committee (JEC) provides a snapshot of the current economic climate in each state, offering policy makers easy access to the major economic indicators in all 50 states and the District of Columbia in the areas of jobs, unemployment, personal earnings and housing.  

“Understanding the Economy: State-by-State Snapshots” offers a gauge of the economic landscape of each state, allowing for quick comparisons with other states and to the overall U.S. economy.

“We believe the state reports are a useful resource for Members of Congress and other policy makers as well as interested individuals who want access to fresh, reliable, state-specific data without having to dig around for it,” said Chair of the Joint Economic Committee (JEC) Congresswoman Carolyn Maloney.  “These state pages offer a guide to the state of local economies across the country, helping us to better understand the specific impacts of the Great Recession and also to see where growth and recovery have begun to take hold."
Report
Major indicators in the state reports include:

•    Private sector job creation or job loss since the start of recession;
•    Jobs saved or created by the Recovery Act;
•    Unemployment rate;
•    Per capita earnings;
•    Condition of the housing sector.

The United States economy has begun to improve since the beginning of 2009, when 741,000 jobs were lost in the month of January alone and real gross domestic product (GDP) fell by 6.4 percent in the first three months of the year.  The magnitude of job losses diminished throughout 2009, with the average quarterly job loss declining from 691,000 in the first quarter to 69,000 in the fourth quarter.

JEC Chair Maloney added, “Families across the country have faced the worst economy since the Great Depression, marked by a housing crisis, credit crunch, massive job losses and significant wealth destruction.   But in recent months, we have begun to turn the tide.  The Recovery Act has helped to get GDP growing again and lifted employment by 2 million jobs.  As we continue to work in Congress to create more jobs, boost growth and bring down unemployment, the JEC state reports will provide an effective way to track the progress we are making.”

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Washington, D.C. – Today, the Government Accountability Office released a report, entitled “Loan Performance and Negative Home Equity in the Nonprime Mortgage Market.”  The report provides a detailed understanding of the state of the housing market at the end of June 2009. The Chair of the Joint Economic Committee (JEC), Congresswoman Carolyn Maloney, requested the report in an effort to further understand the depth of the recession.

 

“This recession is different from past recessions because we are dealing with a credit crunch, housing price bust, and an equity collapse,” Maloney said.  “Today’s report helps further our understanding of this recession’s complexities, especially as it relates to what was happening in the nonprime housing market up until the end of June 2009.”

 

Foreclosures create a vicious cycle of housing price declines, diminished household wealth and reduced consumer spending.  The decline in spending reduces employment and triggers further foreclosures.  The report provides Delinquent Nonprime Loans By Congressional District As Of March 2009estimates for state and Congressional districts on the percentage of “seriously delinquent” nonprime loans – classified as mortgages in default or in the foreclosure process (see adjacent chart or click here).  It also shows the impact of falling housing prices, which have left many borrowers in a negative equity position where their mortgage balances exceed the current value of their homes.

 

“The report provides a sobering snapshot of the foreclosure crisis inherited by the Obama administration, revealing trends through the mid-point of 2009,” Maloney said.  “Since that time, Congress and the Administration have taken actions to stem the tide of foreclosures and keep families in their homes, which remains a top priority as my colleagues and I work to get the housing market and our economy back on stable footing and build a robust labor market.”

 

In response to the housing crisis, Congress and the Administration took a number of steps in 2009 to slow foreclosures and keep families in their homes.  The Administration’s efforts, under the Home Affordable Modification Program, intensified at the end of 2009. The Treasury Department has streamlined the application process for conversions, pressured the servicers to move more quickly to process modifications, and provided new Web Tools for borrowers -- all with the goal of speeding modifications and helping vulnerable families stay in their homes.  Congress has allocated money to counselors to help homeowners get the information they need to be able to modify their loans.

 

The Worker, Homeownership, and Business Assistance Act of 2009 provided additional support for the housing market and should mitigate the rate of foreclosures for all homeowners.  Finally, the House has passed a comprehensive financial regulatory reform proposal which will create a Consumer Financial Protection Agency to protect borrowers from predatory lending practices associated with many of these nonprime mortgages.

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JEC Chair Maloney on December Jobs Report

Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC) released the following statement on the Bureau of Labor Statistics’ December jobs report showing that the unemployment rate remained unchanged at 10 percent and 85,000 total nonfarm jobs were lost:

“Today's employment numbers show that although the U.S. economy is growing, employers are still reluctant to hire.  However, the good news is that in November, our country saw job gains for the first time in two years.  As today’s numbers show, the road to a full recovery is never smooth.  We remain even more determined in our goal to put Americans back to work.  In the coming months, Congress and the Administration must continue to be laser-focused on creating jobs and helping to build industries and sectors that can establish a stable foundation for our economy and spark a robust and prosperous labor market.

“It is critical that we engage private sector employers and ask them to share new ideas on how to help the economy grow in a way that will create new private sector jobs. Today I sent a survey to business leaders including the CEOs of Fortune 100 companies and leading small businesses across the country to elicit their ideas on how Congress can most effectively create jobs for the millions of Americans looking for work.  Employers are on the front lines of today’s economic challenge and I look forward to gaining their valuable insights.”

- Congresswoman Carolyn Maloney, Chair, Joint Economic Committee  


The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.
 www.jec.senate.gov

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