Press Release ● Jobs and Economy
For Immediate Release: 
March 6, 2020
Contact Info: 
Mariel Saez 202-225-3130
The Majority Leader’s Office is now sending a weekly e-mail highlighting economic statistics and news that Members can use as they discuss the state of the economy and how House Democrats are working to spur economic growth, support job creation, and raise wages for the people.

QUOTE OF THE WEEK: “Most Democratic and Republican voters agree on a wide range of proposals to boost the economy, from upgrading infrastructure to reducing college costs, casting doubt on the conventional belief that pocketbook issues are hopelessly dividing voters in the 2020 election. Most Americans, regardless of party affiliation, support proposals to upgrade infrastructure; provide tax breaks to job-creating businesses; decrease college costs; and retrain adults for better-paying positions. The survey of about 1,000 adults was conducted on February 20-21. ‘There is near unanimity in support for multiple policies promoting job creation, ranging from training and education programs to investing in infrastructure and research,’ says Ipsos Vice President Chris Jackson.” [USA Today, 3/6/2020]

STAT OF THE WEEK:  Paid leave would save our nation $1 to $2 billion a year. “The CDC, in fact, took a crack at estimating the costs of not providing paid sick leave a few years ago. Using federal data on health-care expenditures, the federal researchers estimated that ‘providing paid sick leave to workers who lack it might help decrease the number of workdays lost due to flu and similar illnesses by nearly 4 to 11 million per year.’ That works out to a total national cost savings of $1 billion to $2 billion each year. That figure doesn’t factor in savings from such related factors as reduced job turnover and lower rates of workplace injury from employees who are trying to carry out their duties while battling illness." [The Washington Post, 3/3/20

ECONOMIC NEWS YOU MAY HAVE MISSED:
  • A strong jobs streak continues with robust hiring. “273,000 jobs were added in February. Analysts had expected a gain of about 165,000, according to MarketWatch… For the second month in a row, the economy churned out a blockbuster number of jobs, the government reported Friday, an impressive performance in an era of slow-and-steady employment growth.”  [The New York Times, 03/06/2020]
  • Consumer confidence wanes due to coronavirus. “The Conference Board’s consumer confidence index showed that confidence rose less than expected in February as people’s assessment of current conditions wavered in the face of the deadly virus. The index came in at 130.7, up from 130.4 in January, but economists polled by Dow Jones were expecting a print of 132.6.” [CNBC, 3/06/20]
  • The number of Americans seeking unemployment benefits fell. The timeliest gauge of layoffs is the government’s weekly report on applications for unemployment benefits. People who are laid off are eligible for the aid. The latest data, issued Thursday, were reassuring: They showed that the number of people seeking unemployment benefits dropped 3,000 to 216,000 in the week that ended Saturday. That is roughly the same as the average over the last month and is a very low level historically.” [The Los Angeles Times/ Associated Press, 03/06/20]