Press Release

Statement by Secretary Gutierrez on October’s Employment Report

WASHINGTON—U.S. Secretary of Commerce Carlos M. Gutierrez today released the following statement on the October Employment Report, which showed that the unemployment rate is 6.5 percent:

“Today’s report reflects the effect of the distressed credit markets on our economy and is disappointing for many families throughout our country. We strongly believe that any American who wants to work should be able to find and keep a good job.

“As our economy faces serious challenges, President Bush and his Administration are taking swift and bold action to stabilize our economy. The good news is that we are seeing signs that the bipartisan financial rescue package is working to thaw the credit markets so that more businesses and consumers have access to credit. Next week, the President will also host leaders of 20 countries at a Summit on Financial Markets and the World Economy in Washington. This Summit is another important opportunity to address critical economic concerns, including the need for world leaders to reaffirm our commitment to free markets, free enterprise and free trade.

“America has faced significant economic challenges in the past, but we have always recovered and returned to the path of prosperity. While the situation won’t improve over night, I am confident that the steps we have taken will help strengthen our economy.”