This morning, the Department of Labor released unemployment numbers for November showing that 11,000 jobs were lost last month – the fewest jobs lost in a year and far fewer than economists had anticipated. In addition, the job losses for September and October were revised downward, showing that the rate of job losses has started to decline — from an average of 673,000 per month in the final three months of the Bush Administration to 87,000 during the past three months:
In addition to today’s report, the Bureau of Economic Analysis released an estimate last week showing the economy grew 2.8 percent this fall–the first economic growth in more than a year:
Moving from a -6.4% decline at the start of 2009 to 2.8% growth marked the biggest six month economic turnaround in nearly 30 years. A report released this week by the non-partisan Congressional Budget Office (CBO) concluded that the American Recovery and Reinvestment Act created or saved between 600,000 and 1.6 million jobs, reduced unemployment and increased the GDP between 1.2% and 3.2% in the third quarter of 2009 alone.
Speaker Pelosi on the new jobs report:
Today’s jobs report is evidence that our recovery efforts are moving our economy in the right direction. After losing an average of 673,000 jobs per month in the final three months of the Bush Administration, the report for November showed a job loss of 11,000 jobs — the lowest level since the recession began in December 2007.
The economy grew by nearly 3 percent in the third quarter, compared to a decline of 6.4 percent in the first quarter of 2009 — in large part because of the Recovery Act, according to the non-partisan Congressional Budget Office. These economic trends are clear signs that our country is on the path back to job growth and illustrate that the economic policies of President Obama and the Democratic Congress are starting to work.
But our work is not over. Too many people have lost their jobs, which is devastating for any household trying to make ends meet, pay the bills, and put food on the table. The Bush Administration policies created a huge jobs deficit, and getting Americans back to work has been and will remain our top priority. In the coming weeks, House Democrats will continue to build on our efforts to grow the economy and create jobs by investing in our infrastructure, helping local governments keep teachers, police officers, and firefighters on the payroll, and assisting small business owners.