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Bush: weak job numbers consistent with slow economy
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WASHINGTON (Reuters) - President George W. Bush on Friday said the weak May employment report was consistent with an economy facing a slow growth period.
The president's comments came after the Labor Department reported on Friday that the national unemployment rate hit 5.5 percent, the highest rate in more than 3-1/2 years and the biggest monthly increase in 22 years.
May was the fifth straight month that employers cut their payrolls. The jobless rate was up from 5.0 percent in April.
"This rise was caused, in part, by a surge of new young entrants into the job market but it's clearly a sign that it is consistent with slow economic growth," he said, noting that there are signs the economic stimulus package is working.
The commander in chief warned that tax cuts must be made permanent. "Congress needs to send a clear message that the tax relief that we passed will be made permanent," he said.
(Reporting By Joanne Morrison; Editing by Andrea Ricci)
