SCHAKOWSKY: BUSH ADMINISTRATIONS MISSTATEMENT OF THE DAY JOBS

MARCH 12, 2004

SCHAKOWSKY: BUSH ADMINISTRATION'S MISSTATEMENT OF THE DAY -
JOBS

WASHINGTON, D.C. - U.S. Representative Jan Schakowsky (D-IL) issued today's "Bush Administration's Misstatement of the Day" on jobs.

According to a transcript of the The Early Show on CBS (3/10/04):

President Bush heads to economically depressed Ohio today. He'll defend his economic program in a state that has lost more than a quarter of a million jobs since he was elected. At an awards ceremony Tuesday, the president argued the economy was on the upswing.

FACT SHEET: ECONOMY CONTINUES TO STALL
No New Private Sector Jobs Created Last Month

With no private sector jobs created last month, and only 21,000 jobs created overall, the jobs report was much weaker than economists projected and Americans deserve. President Bush has lost manufacturing jobs every single month of his Presidency. Today, 8.2 million Americans are unemployed and 3 million private sector jobs have been lost since the beginning of the Bush Administration.

3,000 manufacturing jobs lost last month alone, with manufacturing employment at a 53-year low. The bad Bush economy has devastated the good-paying manufacturing sector, with 2.8 million manufacturing jobs lost since the beginning of the Bush Administration. President Bush has lost manufacturing jobs during every month of his presidency.

Since the beginning of the Bush Administration, 3 million private-sector jobs have been lost. The unemployment rate remains stagnant at 5.6 percent as about 392,000 people gave up on the job search in February. In order for the Bush Administration to create one new private sector job by the end of the President's first term, the economy would have to create the unlikely number of 269,000 private-sector jobs per month. If the economy continues to perform at February's rate, it would take nine years to recover all the jobs lost under President Bush and would give him the worst job creation record since the Great Depression.

Minorities feel the effects of the economic downturn. The unemployment rate for Hispanics is 7.4 percent, 28 percent higher than when President Bush took office, with 1.4 million Hispanic Americans looking for work. Although the unemployment rate for African Americans dropped last month to 9.8 percent, the number of African Americans out of work is 1.6 million African Americans looking for work.

2.2 million more unemployed since the beginning of the Bush Administration, with 8.2 million people looking for work. On top of the millions of unemployed, there are 4.4 million people are working part-time for economic reasons. This is an increase of 33 percent since the beginning of the Bush Administration.

The average length of unemployment hovers at the highest level in almost 20 years. The average out-of-work American is unemployed for 5 months, the highest level since 1984. In February, 1.9 million people had been unemployed for over 6 months, about 3 times the number at the beginning of the Bush Administration.

Jobs being created pay less than jobs being lost - workers experience a 21 percent pay cut. Over the past two years, industries that are gaining jobs pay 21 percent less annually than those industries that are losing jobs. [EPI, 1/21/04] Last year had the lowest level of wage growth since 1998. [EPI, 2/5/04] The typical workers' wages are barely keeping up with inflation.

Weakening labor market undermines job prospects for new workers. The anemic job creation numbers of last month provides at least 100,000 fewer jobs than required to keep up with new entrants to the labor market - meaning that young people leaving high school and college can't find work.

Surge in discouraged workers masks true impact of economic downturn. Currently, 1.7 million people are marginally attached to the labor force. About 484,000 of these workers have stopped looking for jobs because they believe no work is available - an increase of over 50,000 from last month.