Congress Split on Significance of Latest Unemployment Data

Dec. 4, 2009 -- The Joint Economic Committee of Congress disagreed today on the significance of the latest unemployment rate, which fell two-tenths of a point to 10 percent last month.

The U.S. economy shed about 11,000 jobs in November, far fewer than the 125,000 jobs economists had anticipated. The news struck Republicans as little cause for celebration but prompted Democrats to cite the figures as a positive trend and a sign that the economy continues to improve.

"Today's job report makes it clear we are making progress but the road to recovery will be long, and it will not be easy," committee chairwoman Carolyn Maloney, D-N.Y., said. "While we have brought the economy back from the brink, we are not yet where we need to be in terms of job creation. It is a tragedy for every American family that has lost a job in the past or in the present but we are trending in the right direction."

The U.S. Bureau of Labor Statistics reported that about 15.4 million people are unemployed across the country, almost twice as many as the number of unemployed one year ago.

Republicans on the committee pointed out that that latest figures showed the 23rd straight month of job losses

"The number of jobs lost is better than expected, which is good news, but we can't celebrate a 10 percent unemployment rate," Rep. Kevin Brady, R-Texas, said. "I think we ought to always look for the good news with these numbers and there are some today. But I do caution this Congress against any kind of end zone dance just yet on this economy."

Maloney praised President Obama and Democratic leaders in Congress for the apparent recovery of the economy and the slow down in job losses, comparing the job losses to those at the end of the Bush administration.