Today Rep. Eric Massa hailed the decrease in the unemployment rate as a sign that our economy is improving. Today's U.S. Dept of Labor announcement showed that in January, the national unemployment rate declined to 9.7%, a decrease from 10% in December. This news comes just days after it was announced that the National GDP increased by 5.7% in the fourth quarter of 2009 - an increase in GDP is a leading indicator of an improving economy and decreases in unemployment figures are often a trailing indicator of recovery.
"While I am cautiously optimistic, I am very happy that we are starting to see economic growth," said Rep. Eric Massa. "The fact that the unemployment rate has dropped while our National GDP has grown shows that the actions we took with the Recovery Act are having a positive impact. When I came into office, our economy was in free fall, and I'm proud that I was able to get to work in time to take decisive action to stave off a full scale depression. As we work to see growth continuing, fiscal restraint and balanced budgeting measures will continue to be front burner issues for me. I am optimistic about what lies ahead in 2010 and look forward to working to improve our local economy."