Governor Rendell Says Action Needed Now to Stem Job Loss, Boost Economy
Calls on General Assembly to Approve Economic Stimulus Proposals HARRISBURG, Pa., March 20 /PRNewswire-USNewswire/ -- Governor Edward G. Rendell said today that Pennsylvania's economy has been growing stronger for the past five years, but the February job statistics are the first sign that the national economic slowdown might affect Pennsylvania.
"Until now, our economy has been in great shape," Governor Rendell said. "As recently as January we had more jobs than any time in history. But, last month the job count(1) dropped and the unemployment rate(2) rose slightly, indicating immediate action is needed to lessen the effects of a sagging national economy." Over the past month, the number of jobs declined by 8,000 for a total of 5,803,700 in February, and the state's unemployment rate increased to 4.9 percent.
"This is the first indicator that the weakening national economy is beginning to take a toll in Pennsylvania," Governor Rendell said. "We cannot continue a wait-and-see approach. If we don't act now to stimulate Pennsylvania's economy, our workers, businesses and communities could be dragged down by the national economy. "Today's U.S. Labor Department report that the number of newly laid off workers filing for unemployment benefits nationally rose last week to the highest level in nearly two months. This is more evidence that the nation's weak economy is having an adverse impact on workers. "We have an opportunity to act now to avoid economic disaster in Pennsylvania by stopping the business-as-usual approach that too often pushes important final legislative action into the summer," Governor Rendell said. "There is no reason to delay. "The General Assembly must act on our economic stimulus initiatives to protect the prosperity we have enjoyed for more than five years. Pennsylvania needs an immediate job creation strategy," the Governor said. For more information on Governor Rendell's economic stimulus proposals before the legislature, visit: http://www.pa.gov/. The Rendell administration is committed to creating a first-rate public education system, protecting our most vulnerable citizens and continuing economic investment to support our communities and businesses. To find out more about Governor Rendell's initiatives and to sign up for his weekly newsletter, visit http://www.governor.state.pa.us/. EDITOR'S NOTE: The Pennsylvania Department of Labor & Industry today released "Pennsylvania's Employment Situation: February 2008." To receive a copy, call (717) 787-7530. (1) The monthly Nonfarm Job Count is based on the Current Employment Statistics (CES), also known as "payroll," survey and is the source of nonfarm jobs data by industry. It is a monthly survey of employers conducted by L&I's Center for Workforce Information & Analysis in conjunction with the U.S. Bureau of Labor Statistics, reaching about 18,000 businesses. This data may include multiple jobs held by a single individual. (2) The monthly Unemployment Rate is based on the Current Population Survey (CPS). CPS, also known as "household" survey, data is the primary source of Civilian Labor Force and Employment statistics. It is a monthly household survey conducted by the U.S. Bureau of Labor Statistics, reaching about 2,500 households in Pennsylvania. This survey counts how many people are employed, regardless of how many jobs they are actually working. CONTACT: Troy Thompson (L&I)
CONTACT: Barry Ciccocioppo of the Pennsylvania Office of the Governor, Web Site: http://www.governor.state.pa.us/
2008-03-20 18:00:06 0317669 PRNEWSWIRE
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