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White House sees ‘mixed’ news on the economy |
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By Klaus Marre
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Posted: 05/02/08 01:22 PM [ET] |
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The White House said Friday that the latest employment report shows mixed news while top Democrats said a fourth consecutive month of job losses should serve as a wakeup call to the administration and congressional Republicans. In April, the economy lost 20,000 jobs — fewer than projected, but the unemployment rate fell to 5 percent. White House spokesman Tony Fratto told reporters that the data show that “there is still demand for jobs out there.” Fratto added that there is not enough evidence so far to suggest that the economy is in a recession. “We’re still in a period of slow growth,” the spokesman stated. He also expressed optimism that the stimulus bill that is beginning to bring money to U.S. taxpayers “will have an impact.” Top Democrats seized on the jobs report and blasted the administration for its handling of the economy. “With the President and Bush Republicans offering the same failed economic strategy that got us to this point, it’s no wonder that today’s jobs report looks just like every other one this year: Americans continue to lose their jobs,” said Senate Majority Leader Harry Reid (D-Nev.). The senator criticized the Republicans’ “wait-and-see” approach on the economy and added that “America cannot afford for this streak to continue any further.” House Speaker Nancy Pelosi (D-Calif.) called the jobs report disappointing. Coupled with “slowing consumer spending and nearly flat wage increases,” the employment data “are additional evidence of the need for Congress and the president to work in a bipartisan way on additional steps to get our economy back on track.” |