House Minority Leader Nancy Pelosi, D-Calif., claimed that the historically low unemployment rate presented in the most recent jobs report won’t matter until consumer confidence increases, despite the fact that the metric hit a nearly 18-year high heading into June.
The jobs report showed the unemployment rate plummet to 3.8 percent, a 50-year low mark, but Pelosi said at her Thursday press conference that “this has happened before.”
“People say, ‘Oh my goodness, that people are saying the unemployment rate is down, why isn’t my purchasing power increasing?'” she continued.
Pelosi said to ignore the unemployment rate and focus on making “wages [rise] in our country, so that consumer confidence is restored.”
“Because our economy will never fully reach its possibilities unless we increase the consumer confidence and that can only be increased by a better deal, better jobs, better wages, better future, and lowering costs to families.”
Unfortunately for Pelosi, the latest Consumer Confidence Index registered 128, nearly three points ahead of the projected score and an 18-year high mark.
