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ADA Updates

Unemployment at 10.3%; ADA Calls for Stimulus
Posted Aug 11 2008 at 10:22 AM
Updates >>

The largest number of workers filing for unemployment claims in more than six years, reported today, gave further evidence that the economy is still in a recessionary mode.  Amy Isaacs, ADA National Director, urged further economic stimulus to offset the steady loss of jobs as companies continue to lay off workers. 

“John McCain says more tax cuts will improve the economy, but we’re all still waiting for the benefits from the last cuts,” said Isaacs.  “It’s time we elect someone who understands that giving rich people more money isn’t helping working people.”

The Labor Department’s July report on employment showed a jump to 5.7% from the June figure of 5.5%, with 8.8 million unemployed – up 284,000 - from a month earlier. This was the seventh consecutive month of job declines, bringing the total job losses this year to 463, 000.  A fuller check on the unemployed finds the “real rate” of underemployment at 10.3% the highest level since 2003 and two points above the rate in July 2007.  Compounding the problems for working families was the decline in average hours worked, meaning average weekly earnings also slipped, and, with inflation running about 4.5% a year, families are suffering a further decline in living standards.

Typically, the unemployment rates for minorities and youth were higher than the 5.7% national level. For African-Americans the rate was 9.7%; for Hispanics, 7.4%; for youth 20.3%
   
One other significant indicator of the serious situation was the 5.7 million workers on part time jobs, though able and seeking full time work. That total was 1.4 million higher than a year earlier.  Problems faced by the unemployed were compounded by their difficulty in finding jobs, with 1.7 million being unemployed for 27 weeks or more – up 100,000 for the previous month.

“When Congress returns next month, ADA will be leading the fight for a second economic stimulus package that puts more money in the hands of working people and helps the unemployed get back to work,” said Isaacs.