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Friday, June 06, 2008
DAILY FISCAL POLICY REPORT -- June 6, 2008
Unemployment -- Monthly Rate Jump Highest Since Feb. 1986: The Bureau of Labor Statistics reported this morning that the nation's unemployment rate rose a half of a percent, from 5.0 in April to 5.5 percent in May, the fastest rise in 22 years, as 861,000 joined the ranks of the unemployed. Meanwhile, those with jobs have seen their real wages shrink this past year: hourly earnings have risen 3.5 percent, below the pace of inflation, which is running at about 4 percent. NY Times.
UI Benefits -- Unemployment Extension Back on Table: Even before this morning's unemployment report, word on Capitol Hill yesterday was that a 13-week extension of unemployment insurance benefits may be re-added to the war supplemental bill. House Majority Leader Steny Hoyer (D-MD) had all but ruled an extension out on Wednesday. But yesterday Hoyer told reporters that "It is still under discussion." Center on Budget Statement.
Budget -- Congress Adopts Resolution for FY09: It's certainly not the end, nor the beginning of the end, but it is a noteworthy end of the beginning of the FY09 budget-making process. By a narrow majority, 214-210, the House passed a budget resolution for the next fiscal year and the appropriations committees now have allocation caps for the spending bills they will begin marking up as early as next week. House Speaker Nancy Pelosi (D-CA) called the budget's adoption "a remarkable achievement." House Appropriations Markup Schedule.
Posted by Dana Chasin
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