June 5th, 2009
11:05 AM ET
5 years ago

VP on jobs report: 'Signs of hope'

Vice President Joe Biden calls Friday's unemployment report 'tough.'
Vice President Joe Biden calls Friday's unemployment report 'tough.'

WASHINGTON (CNN) – Vice President Joe Biden calls Friday's unemployment report "tough" - but says there are also "some signs of hope today."

Friday's numbers released by the Labor Department show the nation's unemployment rate rising to 9.4 percent in May, the highest level in 25 years. But the report also finds that employers cut 345,000 jobs from their payrolls last month, down from the revised 504,000 job decline in April.

The total is the fewest jobs lost in a month since last September. It's also lower than originally-predicted loss of more than half a million jobs in May.

Regardless of the drop in jobs lost, Biden says the report "doesn't satisfy me, it doesn't satisfy the president."

The vice president made his comments during a meeting with Council of Economic Advisors Chair Christina Romer and his chief economist Jared Bernstein.

"'Less bad' is not how we're going to measure success," added Biden. "We will not be satisfied until we are adding jobs on a monthly basis."

The vice president also praised the Recovery Act, known as the stimulus, which was implemented earlier this year. Biden says "there's new economic activity and job creation," and added that the new jobs report shows "some signs" that the stimulus is working.


Filed under: Jobs • Joe Biden
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