Recession

1/22/2008 -- The following are remarks delivered by Hillary Clinton this morning at a press availability in Washington D.C.

“I want to start with a comment or two about the economy. As we saw over night, this is a global economic crisis. It has pushed the Fed for an emergency meeting and by phone with a rate cut this morning in an effort to try to take whatever action can be taken on the monetary side to begin to try to stabilize this situation which is obviously deteriorating.    » read more »

Reform Would Keep Families in Homes and Away from Devastating Foreclosures

01/22/2008 -- Washington, DC - As foreclosures resulting from subprime mortgages take a devastating toll on communities across the country, Senators John Kerry (D-Mass.) and Gordon Smith (R-Ore.) and are urging the Finance Committee to include mortgage financing assistance in the economic stimulus package currently being developed.    » read more »

(As Prepared for Delivery)

January 22, 2008 -- Mr. President, in recent weeks the headlines have been filled with bad economic news. Two weeks ago, it was an alarming increase in the unemployment rate. Last week it was rising prices for basic essentials, like food and gasoline. Week after week, there’s more bad housing news. Foreclosures are skyrocketing. Bankruptcies are rising.    » read more »

Introduces legislation to extend benefits for millions of Americans

January 22, 2008 -- WASHINGTON, DC— Today, Senator Edward M. Kennedy, Chairman of the Health, Education, Labor and Pensions Committee, introduced legislation to temporarily extend unemployment compensation benefits for millions of Americans. Senator Kennedy issued the following statement:    » read more »

January 18, 2008 -- WASHINGTON – Senator Carl Levin, D-Mich., today called on the Small Business Administration to help Michigan address the state’s job losses, which have led to the highest unemployment rate in the country. Levin requested a meeting with SBA Administrator Steven Preston to discuss what the SBA can do to help Michigan small businesses create jobs.    » read more »

Senate Work Begins by Addressing Nevada's Economic Challenges

January 22, 2008 -- Washington, DC— This week, Nevada Senator Harry Reid will be talking about his legislative priorities to help address the challenges facing Nevada, starting with the economy.    » read more »

January 22, 2008 -- Washington, D.C. — Speaker Nancy Pelosi issued the following statement today after the Federal Reserve Board issued an emergency rate cut of a key interest rate by 3/4 of a percentage point:

“Today’s emergency rate cut by the Federal Reserve Board indicates a commitment across all levels of government to revitalize the economy, restore confidence in the markets, and help Americans struggling with soaring bills for gasoline, groceries, housing and home heating.    » read more »

Statement from Governor Pawlenty in reaction to the Federal Reserve’s emergency decision to cut its benchmark interest rate by three-quarters of a percentage point

January 22, 2008 -- Saint Paul – The following is a statement from Minnesota Governor Tim Pawlenty in reaction to the Federal Reserve’s emergency decision to cut its benchmark interest rate by three-quarters of a percentage point.    » read more »

January 18, 2008 -- Augusta - Maine State Labor Commissioner Laura Fortman announced that the preliminary seasonally-adjusted December unemployment rate for Maine was 5.1 percent. The national unemployment rate for December was 5.0 percent.

“Reflecting national trends, seasonally-adjusted resident employment declined and unemployment rose in Maine between November and December,” said Commissioner Fortman. “Nationally, the rate rose from 4.7 percent to 5.0 percent, while in Maine the rate increased from 4.9 percent to 5.1 percent.”    » read more »

01/18/2008 -- California Governor Arnold Schwarzenegger today released the following statement after the California Employment Development Department released its most recent unemployment data:

"The people of California are feeling the hit of the subprime mortgage crisis and housing slump. While other sectors of our economy remain strong, creating more than 15,000 new jobs last month, it's clear that California and the rest of the nation will have to weather this disruption for a while.    » read more »

(As Prepared for Delivery)

January 16, 2008 -- When the economy is wrong, nothing else is right for working families. Hard-working families are losing their jobs, their homes, their health care and their hope. More and more families across America wish they could look to the future, but they’re just trying to get through today.

We’re here to say, “We hear you. We’re here to work for you.”    » read more »

2007 Annual Rate Increases

January 16, 2007 - Michigan's seasonally adjusted unemployment rate in December increased by two-tenths of a percentage point to 7.6 percent, according to data released today by the Michigan Department of Labor & Economic Growth (DLEG). Total employment declined by 21,000 as unemployment rose by 13,000. As a result, the state's labor force edged downward by 8,000 over the month.    » read more »

January 16, 2008 -- FRANKFORT, Ky. — Kentucky’s seasonally adjusted unemployment rate increased from 5 percent in November 2007 to 5.7 percent in December 2007, according to the Office of Employment and Training (OET), an agency of the Kentucky Education Cabinet. December 2006’s jobless rate was 5.4 percent.

The U.S. seasonally adjusted jobless rate rose from 4.7 percent in November 2007 to 5 percent in December 2007, according to the U.S. Department of Labor.    » read more »

10 January 2008 -- The declining U.S. housing market and the related problems in the home financing sector are pushing the American economy into recession, according to some economists.

America's most respected investment bank, Goldman Sachs, said Wednesday that the United States has entered an economic downturn, which is likely to last for about six months. Other economists, including those in the Bush administration, disagree, saying that while economic activity has slowed an outright recession can be avoided.    » read more »

January 04, 2008 -- Today’s jobs report showing a spike in unemployment to five percent and the weakest job growth since August 2003 is the latest in a series of troubling signs that our economy may be slipping into recession.    » read more »