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New government figures show a rise in U.S. unemployment last month, with U.S. employers cutting some 533,000 jobs - the most in 34 years. President George Bush says his administration is taking action to help strengthen the economy.
Professional recruiter John Kasyanenko, right, talks to a woman seeking a work at a job fair in New York, 12 Nov 2008 |
The Labor1 Department says the unemployment rate rose to 6.7 percent in November.
President Bush told reporters the job data reflects the fact that the American economy is in a recession, due in large part to severe problems in housing, credit and financial markets.
President George W. Bush makes a statement on the economy on the South Lawn of the White House, 5 Dec. 2008 |
He says his administration is taking steps to address the problems by extending unemployment benefits to the jobless, making credit more affordable2 and available, and taking action to prevent home foreclosures.
"It is going to take time for all the actions we have taken to have their full impact. But I am confident that the steps we are taking will help fix the problems in our economy, and return it to strength."
At a hearing on Capitol Hill, Commissioner4 of the Bureau of Labor Statistics, Keith Hall, described the unemployment figures as dismal5.
"There is very little in this report that is positive," he said. "This is maybe one of the worst jobs report the Bureau of Labor Statistics has ever produced."
"Families are conserving6 their dwindling7 resources and simply not buying much of anything, including durable8 goods, such as cars," said Congresswoman Carolyn Maloney, who chaired the hearing before the Joint9 Economic Committee.
Auto10 executives from GM, Chrysler, and Ford3 testify on Capitol Hill before House Financial Services Committee, 5 Dec. 2008 |
Elsewhere on Capitol Hill, executives from the three major automakers testified at a congressional hearing for the second straight day, making their case for $34 billion in loans to help shore up their industry, which has seen thousands of job losses.
President Bush urged Congress to act on a proposal that would redirect $25 billion in loans to help the automakers, but only to those that can survive.
Congress could vote on an aid package to the auto industry when it returns for a brief post-election session next week.
1 labor | |
n.劳动,努力,工作,劳工;分娩;vi.劳动,努力,苦干;vt.详细分析;麻烦 | |
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2 affordable | |
adj.支付得起的,不太昂贵的 | |
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3 Ford | |
n.浅滩,水浅可涉处;v.涉水,涉过 | |
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4 commissioner | |
n.(政府厅、局、处等部门)专员,长官,委员 | |
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5 dismal | |
adj.阴沉的,凄凉的,令人忧郁的,差劲的 | |
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6 conserving | |
v.保护,保藏,保存( conserve的现在分词 ) | |
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7 dwindling | |
adj.逐渐减少的v.逐渐变少或变小( dwindle的现在分词 ) | |
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8 durable | |
adj.持久的,耐久的 | |
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9 joint | |
adj.联合的,共同的;n.关节,接合处;v.连接,贴合 | |
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10 auto | |
n.(=automobile)(口语)汽车 | |
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