NewsMine — economy — united-states — 2003 — 2003-sept-oct — Viewing Item

Job loss like great depression Original Source Link: (May no longer be active)    http://releases.usnewswire.com/GetRelease.asp?id=106-09052003 "Not since the Great Depression have we experienced this level of sustained job loss 29 months after the start of the recession. Our analysis suggests that, unfortunately, unemployment will remain at about six percent over the next year," said EPI president Lawrence Mishel. http://releases.usnewswire.com/GetRelease.asp?id=106-09052003 August Jobs Miss Administration's Target; Web Site Monitors Performance of 2003 Tax Cuts in Generating Jobs, Says EPI 9/5/03 9:54:00 AM To: National Desk Contact: Nancy Coleman, Karen Conner or Stephaan Harris of the Economic Policy Institute, 202-775-8810, http://www.jobwatch.org WASHINGTON, Sept. 5 /U.S. Newswire/ -- Data released today by the U.S. Bureau of Labor Statistics show that the Bush administration fell 437,000 jobs short in August, losing 93,000 jobs, instead of creating the 344,000 it had projected for each month after July 2003. The Economic Policy Institute is launching a new web site today, JobWatch.org, that monitors the performance of the 2003 tax cuts in generating jobs, and tracks job and wage trends. The Bush administration called the tax cut package, which took effect in July 2003, its "jobs and growth" plan. The Council of Economic Advisers projected that the plan would raise the level of growth enough to create 5.5 million new jobs between July 2003 and the end of 2004. "Not since the Great Depression have we experienced this level of sustained job loss 29 months after the start of the recession. Our analysis suggests that, unfortunately, unemployment will remain at about six percent over the next year," said EPI president Lawrence Mishel. EPI will track job growth monthly on its new web site at http://www.jobwatch.org using the administration's own projection as the benchmark for measuring the effectiveness of the 2003 tax cuts at generating jobs, tracking each month's actual job creation against the 344,000 predicted by the administration. Since the recession began 29 months ago in March 2001, 3.3 million private sector jobs have disappeared, a 2.9 percent contraction and the largest sustained loss of jobs since the 1930s. Unemployment has risen to over 8.9 million people, as the unemployment rate has risen from 4.0 percent in 2000 to 6.1 percent in August 2003. ------ The Economic Policy Institute is a nonprofit, nonpartisan economic think tank founded in 1986. The Institute can found on the web at http://www.epinet.org. http://www.usnewswire.com/ -0- /© 2003 U.S. Newswire 202-347-2770/

2 years in a row more in poverty Asian debt withdrawal threat to us deficit { September 7 2003 } Asian unpegging crucify us { October 3 2003 } Bush bid weaken dollar against asia { September 24 2003 } Bush cuts schools highways { September 10 2003 } Bush priorities under scrutiny Bush takes credit economic upturn { September 1 2003 } China brings us export resictions into trade debate Deficit not manageable { September 18 2003 } Deflation still worries federal reserve { September 17 2003 } Deflation will continue for years { September 10 2003 } Disappointed earnings bonds rally Dollar gains on euro { September 2 2003 } Dollar over valued { September 18 2003 } Dollar plunges 3 year low Dollar tumbles low against euro { October 8 2003 } Economy expands fastest since 1984 no jobs { October 31 2003 } Fed holds rates warns on deflation Firms dont buy rebound Firms still slashing jobs Foreign investors fear weak dollar { September 22 2003 } Gold hits 7 year high { September 25 2003 } Gold records as tumbling dollar { September 10 2003 } Government claims unemployment stabilizing { October 3 2003 } Grocery workers 3rd day strike san diego { October 14 2003 } Job loss like great depression Jobless claims lowest eight months { October 9 2003 } La transit strike may strand 500 thousand { October 14 2003 } Mass august layoffs { September 26 2003 } Monthly costs iraq approach vietnam Poor gained 1 3m in 2002 { September 3 2003 } States risk big losses bond funding pensions { October 12 2003 } Stocks at 14 month high { September 2 2003 } Stocks fall economy worries { September 30 2003 } Stocks lower after production data Stocks rebound hopes intact { October 1 2003 } Stocks rise on upbeat analyst reports { September 8 2003 } Stocks slip bonds rise Trade gap bring down dollar warns imf { September 19 2003 } Trade gap could bring down dollar { September 19 2003 } Uninsured increases 2 4 million last year { September 30 2003 } Us bonds face gloomier future as selling continues { September 7 2003 } Us closes last levis manufacturer { September 26 2003 } Us losing millions manufacturing jobs { September 4 2003 } Weak dollar raises stocks Files Listed: 45

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