ECONOMICS REPORT - Jobs and the U.S. Economy

ECONOMICS REPORT - Jobs and the U.S. Economy
By Mario Ritter

Broadcast: Friday, June 11, 2004

This is Bob Doughty¹ with the VOA Special English Economics Report.

The Labor² Department says the United States economy created two-hundred-forty-eight-thousand jobs in May. The department says almost one million jobs have been added in the last three months.

Even so, the unemployment rate in May was the same as April: five-point-six percent. News reports said this was because, while there were more jobs, there were also more job seekers in the market.

The jobs report last Friday added to signs that the economy is improving. The Bureau of Economic Analysis at the Commerce Department says the economy has grown since the last three months of two-thousand-one. But, until September of last year, the number of people with jobs had been shrinking. That situation led to concerns that the United States was in a jobless recovery.

Now, President Bush says the economy is strong and getting stronger. His administration gives credit for the new growth to its personal tax cuts. The reasoning is that people who pay less in taxes put the savings³ into investments and goods.

But Democratic presidential candidate John Kerry says the United States is in a "wage recession." Senator Kerry's campaign released a statement about the jobs report. The statement said "America is still in the worst job recovery since the Great Depression." It said those who do find a job are earning less, while having to pay more for health care, college and gasoline.

Before last September, about two-million-six-hundred-thousand more jobs had been lost than were created since Mister Bush took office. Recent job gains have cut that number by more than half. If the current rate continues, the deficit⁴ in jobs could disappear by the election in November. For more than seventy years, no American president has had more jobs lost than gained during his presidency⁵.

Measures of public opinion show that not all Americans are sure yet about the economic recovery. The Consumer Sentiment Index by the University of Michigan was reported down four percent in May. Some economists⁶ say worries about inflation and the possibility of higher interest rates may be influencing how people feel.

The University of Michigan was supposed to release its early report for June on Friday. But it delayed the release because of the funeral of former President Ronald Reagan.

This VOA Special English Economics Report was written by Mario Ritter. This is Bob Doughty.

1 doughty   

adj.勇猛的，坚强的

参考例句：

• Most of successful men have the characteristics of contumacy and doughty.绝大多数成功人士都有共同的特质：脾气倔强，性格刚强。
• The doughty old man battled his illness with fierce determination.坚强的老人用巨大毅力与疾病作斗争。

2 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。

3 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

4 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

5 presidency   

n.总统(校长，总经理)的职位(任期)

参考例句：

• Roosevelt was elected four times to the presidency of the United States.罗斯福连续当选四届美国总统。
• Two candidates are emerging as contestants for the presidency.两位候选人最终成为总统职位竞争者。

6 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》