WASHINGTON, DC - House Majority Leader Steny H. Hoyer (MD) released the following statement today after the Department of Labor reported that the American economy lost 240,000 jobs in October, bringing the total number of jobs lost in 2008 to 1.2 million:
“Today’s job figures show an unexpectedly sharp spike in unemployment: In October, the American economy lost an additional 240,000 jobs. With job losses in nearly every sector of our economy, from blue-collar to white-collar, our unemployment rate has reached 6.5%, a 14-year high. In all, our economy has cut jobs every month of this year, for a total of 1.2 million lost since 2008 began.
“Behind those numbers are millions of stories of mothers and fathers struggling to provide for their families, of workers suddenly cut off from health insurance, of homeowners in rising danger of losing their homes. President-elect Obama was absolutely right when he called these sad facts a ‘final verdict’ on the Republican economic policies that have failed us.
“We intend to do better—and, with the help of our President-elect, we will. Economic recovery legislation must be at the top of Congress’s agenda. With projects to rebuild our nation’s infrastructure and increased aid to the unemployed and to hard-pressed states, we can stimulate our economy and begin creating jobs again. Democrats look forward to working with our Republican colleagues, the outgoing President, and the President-elect to make economic recovery a reality as quickly as possible.”