Thursday, September 09, 2004
July 5, 1996
WASHINGTON (CNN) -- Economists didn't expect June's unemployment rate to be much different from May's, which was an already-low 5.6 percent. But in fact, it did fall -- to 5.3 percent. The unemployment rate hasn't been that low since June 1990.
The Labor Department said Friday that businesses added 239,000 workers to their payrolls during June. The vast majority of the jobs added were in the service industry, including restaurants, bars, and agencies that place temporary workers.
Dole camp unimpressed
Despite the fact that the United States is now in the third-longest peace-time expansion in history, the campaign staff of Republican presidential candidate Bob Dole said the jobs numbers probably would not help Clinton's campaign that much.
Republicans say a slow-growth economy has made workers anxious, and 20 percent of new jobs have gone to people taking a second job to pay their bills.
"Even as more people found jobs last month, a stunning 70 percent of Americans agreed the country is on the wrong track," said Dole campaign spokesman Nelson Warfield. "If people are finding jobs but are still unhappy about where the nation is headed, Bill Clinton is in serious danger of unemployment himself."
The Federal Reserve is almost guaranteed to push interest rates up to stave off inflation. Its next opportunity will be at its next meeting, on August 20.
Unemployment Rate: 5.4% in Aug 2004 according to BLS