Pelosi Statement on Disappointing May Jobs Report; Fifth Straight Month of Job Losses

Pelosi Statement on Disappointing May Jobs Report; Fifth Straight Month of Job
Losses

WASHINGTON, June 6 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi today
released the following statement after the Department of Labor released its
employment report for May showing a loss of 49,000 jobs, and an unemployment
rate that increased to 5.5 percent - the biggest monthly rise since 1986. The
economy has lost nearly 325,000 since the beginning of the year:

"Today's alarming rise in the unemployment rate is further evidence of the
need for a New Direction in our nation's economy. Since the beginning of this
year, our nation has lost nearly 325,000 jobs, including 49,000 in the month
of May alone. Those men and women, and millions more, are facing additional
economic pressure as gasoline, food and health care costs climb precipitously.

"The New Direction Congress will send the President legislation to provide
urgently needed assistance to millions of Americans who have lost their jobs
and are struggling to make ends meet. Just as we worked cooperatively in
passing a stimulus plan to put $117 billion into the hands of more than 130
million Americans, we urge the President to support legislation to address the
needs of America's unemployed and struggling workers. Today's unemployment
numbers demonstrate that this is an urgent challenge."

Action by New Direction Congress on the Economy

Congress has enacted legislation that provides millions of Americans with
Recovery Rebates.

This week, Congress sent the President bipartisan legislation that will help
create 40,000 jobs.

Congress has enacted legislation to suspend the fill of the Strategic
Petroleum Reserve, which has been successful in the past in lowering gas
prices.

Congress has enacted the Farm Bill to ease the strain of food prices on
millions of Americans.

State of the Bush Economy

The unemployment rate surged to 5.5 percent -- the biggest jump in more than
two decades (since February 1986) and climbing to the highest level in nearly
four years (October 2004). The unemployment rate is now a full percentage
point higher than a year ago.

America suffered the fifth straight month of job losses of 49,000 in May, the
worst losing streak since 2005 and those job losses have totaled 324,000 this
year.

The number of people looking for work climbed 861,000 to 8.5 million in May.
Nearly one in five of those looking for work have been jobless for six months
or more.

Average weekly earnings continue to fail to keep pace with inflation -- up
only 3.2 percent over the last year compared to nearly 4 percent inflation.

Crude oil prices today reached a record $134 per barrel, and gas prices remain
at a record of $3.99 a gallon -- more than double that of 2001-- after setting
new record high prices for 28 of 29 days. Diesel prices remain at near record
levels, at $4.76 a gallon.

Families faced the biggest jump in food prices in 18 years in April - as
prices rose by more than 6 percent over the last quarter. The cost of bread
is 14 percent higher than a year ago, while milk is up 13 percent.

SOURCE Office of the Speaker of the House

Brendan Daly of Nadeam Elshami, both of the Office of the Speaker of the
House, +1-202-226-7616