June 06, 2008


WASHINGTON, DC – Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today issued the following statement on data from the Bureau of Labor Statistics that the unemployment rate rose by half a percentage point, the sharpest monthly increase in over 20 years, while the economy lost jobs for the fifth consecutive month.
“This morning’s employment numbers are yet another indication of the terrible toll that the housing crisis is taking on our nation's economy.  The job market continues to shrink, foreclosures and mortgage delinquencies are at record highs, and our financial and credit markets are facing a crisis of confidence.  Meanwhile, American families are struggling to make ends meet as the costs of food and fuel are on the rise.
“I hope today’s data serves as a wake-up call for those who do not think that we need to address this crisis.  The Banking Committee has passed bipartisan legislation that will help address the root cause of our economic problems, the foreclosure crisis. We must enact this legislation quickly in order to bring some stability to the markets, help hardworking Americans who are on the brink of losing their homes, and contribute to turning this economy around.”