Sun, Jun 08, 2003 - Page 11 News List

US jobless figures revised by payrolls

BETTER THAN EXPECTED By all appearances, the data coming out of the US about its economic recovery points to a steadily improving outlook for laborers in America

REUTERS , WASHINGTON

"But we're not going to provide enough jobs for new entrants to the workforce or enough to keep unemployment from rising," he said.

Within last month's jobs report, data on hours worked and overtime were mixed. Private-sector hours worked stayed flat at 33.7 hours. The factory workweek lengthened to 40.2 hours from 40.1 hours. Worker hourly earnings rose 0.3 percent to US$15.34.

Factory jobs fell 53,000, the 34th straight monthly drop. Jobs in the information sector fell 6,000 while construction jobs rose 26,000. Financial sector payrolls gained 12,000.

Secretary of Labor Elaine Chao saw positive signs in jobs growth in sectors like construction and finance.

"So I'm hopeful that this will be the peak of the unemployment numbers," she told reporters in a conference call.

For the Bush administration, much hinges on the economy. US President George W. Bush faces a re-election campaign next year and many Democrats see him as vulnerable on the issue.

Amid great fanfare, Bush last month signed into law a US$350 billion package of tax cuts -- the third major piece of tax-cutting legislation he has pushed through.

But Illinois Congressman Rahm Emanuel, a Democrat, said the economy has shed more than 3 million private-sector jobs since Bush took office, which he said was proof the president's policies were not working.

"[Bush] has thrown a weight on top of the economy in terms of higher deficits," Emanuel said.

For her part, however, Chao said she was confident the tax cut would boost growth and cited studies predicting "possibly a million jobs will be created by the end of [next year]."

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