Washington, Aug 7 -

WASHINGTON, DC – Congressman Joe Courtney welcomed today’s announcement by the US Department of Labor that the nation’s unemployment number has declined to 9.4 percent in July, a drop from 9.5 percent in June. While a very modest decline, this report joins other indicators in demonstrating positive economic signs.

"The investments we have made to stimulate the economy, including the First Time Homebuyer Tax Credit, Cash for Clunkers vehicle rebate, and the Economic Recovery plan that I continue to support, we will continue to protect and create meaningful long-term and good-paying jobs. The investment we have made will continue to energize small businesses, which are the backbone of our region’s economy, preserve local industry, and grow personal income once again."

"Today’s unemployment figures are welcome news and a sign that perhaps we are entering a period of recovery, but we still have a long way to go - especially for those who are still out of work."

According to the data from the Department of Labor, employers cut 247,000 jobs in July, a lower number compared to monthly averages in the preceding months. The average monthly job loss for May through July (-331,000) was about half the average decline for November through April (-645,000). The figures released today by the U.S. Department of Labor also indicated that workers’ hours grew, as did paychecks, after hitting record lows in June.

The employment numbers join two other important recent positive economic indicators. For example, on July 23, 2009, the Dow topped 9,000 as home sales rose for the third straight month, with home sales increasing 3.6 percent in June from May. Lawrence Yun, Chief Economist for the National Association of Realtors, said that "the increase in existing-home sales occurred in all major regions of the country. We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions."

This increase has been largely credited to the First Time Homebuyer Tax Credit, which was expanded as part of the American Recovery and Reinvestment Act (ARRA). That credit expires at the end of November, and Congressman Courtney has sponsored legislation, the First-Time Homebuyer Credit Extension Act of 2009 (H.R. 1993), to extend the credit through 2010.

And, on July 31, 2009, the US Commerce Department announced that GDP fell at a rate of 1 percent from April to June, compared with a 50-year record decline of 6.4 percent in the first quarter of this year.

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