Congressman Cole: And the Good News Keeps Coming
Washington, D.C. – Congressman Cole pointed to the sound economic policies enacted during President Bush's administration as the reason for the good economic news that just keeps coming. The Bureau of Labor Statistics reported today that nonfarm payrolls rose by 248,000 jobs in May, following upwardly revised gains of 346,000 in April and 353,000 in March.
"Nearly 1.2 million jobs have been added since the start of the year. I think this is a direct refutation to claims that the sky is falling on our economy," Congressman Cole said. "Americans are finding jobs. One year ago we passed a Job and Growth Package that is continuously working for Americans and driving the strong improvement in our economy."
May's increase in employment remained strong and above market expectations. Since August 2003, the revised data show growth of over 1.4 million jobs. The unemployment rate remained at 5.6 percent - a level lower than the decade averages for the 1970s, 1980s and 1990s. Manufacturing employment rose by 32,000 jobs - the 4th consecutive monthly increase with the strongest manufacturing jobs gains in 6 years.