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OPA News Release: [07/03/2003]
Contact Name: Lisa Kruska
Phone Number: (202) 693-4676
Statement of Labor Secretary Elaine L. Chao
On June Unemployment Numbers
WASHINGTON — The unemployment rate for June rose from 6.1 percent to 6.4 percent, and the economy lost 30,000 non-farm payroll jobs. The four-week moving average of unemployment insurance claims for the week ending June 28 is 425,000, falling by 4,500 from last week. U.S. Secretary of Labor Elaine L. Chao issued the following statement on the June unemployment numbers released today:
"While the unemployment rate is disappointing, it can be viewed as an indication of renewed confidence in the economy with the increased labor force participation rate. Over 600,000 Americans re-entered the labor force this month. In addition, we are encouraged by a steadily declining four-week moving average of unemployment insurance claims. If we look deeper at the unemployment number, we can see that there are new jobs being created in temporary help services, education and health care services, leisure and hospitality. For the fourth month in a row, construction continues to create a substantial number of new jobs.
"Under the strong leadership of the President, The Jobs and Growth Act of 2003 was recently enacted. Its effects will be felt by America’s working families, seniors and small business owners later this month, as they begin receiving tax rebates and larger paychecks. As this stimulus builds momentum, we expect to see more new jobs created and more out of work Americans receiving a paycheck again."
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