Job Creation Continues:
More than 5.7 Million Jobs Created Since August 2003

On September 1, 2006, The Government Released New Jobs Figures – 128,000 Jobs Created In August.  The economy has created more than 1.7 million jobs over the past 12 months – and more than 5.7 million jobs since August 2003.  Our economy has now added jobs for 36 straight months.  The unemployment rate is 4.7 percent – below the average of each of the past four decades.

The Economy Remains Strong, And The Outlook Is Favorable

• Employment Increased In 48 States Over The Past 12 Months Ending In July.

• Over The First Half Of This Year, Our Economy Grew At A Strong 4.2 Percent Annual Rate – Faster Than Any Other Major Industrialized Country.

• Productivity Has Grown A Strong 2.4 Percent Over The Past Four Quarters, Well Ahead Of Average Productivity Growth In The Last Three Decades.  Strong productivity growth helps lead to GDP growth, higher real wages, and stronger corporate profits.

• Per Capita Disposable Income Has Risen 9.2 Percent In Real Terms Since The Beginning Of 2001.

• Total Wage And Salary Income Increased In Real Terms At An Annual Rate Of 3.3 Percent In The Second Quarter.  This follows an 11 percent surge in the previous three months.

• Manufacturing Production Has Risen 5.6 Percent Over The Past 12 Months.  Manufacturing productivity has grown 3.8 percent over the past four quarters.

President Bush Has A Strategy To Sustain Economic Growth And Keep The American Economy Competitive

President Bush Has Called On Congress To Make His Tax Relief Permanent.  The economy grows when Americans have more of their own money in their pockets to save, spend, or invest.  The President worked with Congress to double the child tax credit, reduce the marriage penalty, cut taxes on capital gains and dividends, create new incentives for small businesses to invest, and reduce income taxes for every American who pays them.

The President Is Working With Congress To Control Spending.  In February, President Bush signed the Deficit Reduction Act into law, saving our Nation almost $40 billion over the next five years.  The President has also called on the Senate to join the House and pass the line-item veto, which would allow a President to target wasteful spending in large bills and return that spending to Congress for a prompt up-or-down vote. 

The President's American Competitiveness Initiative (ACI) Will Help Keep America The Most Innovative And Competitive Economy In The World.  The ACI will encourage more aggressive investment by businesses in research and development, increase Federal support for vital basic research, and improve math and science education for America's students.

The President Is Committed To Opening Markets Around The World And Expanding Opportunities For America's Farmers, Ranchers, Workers, And Businesses.  America can compete economically with any nation as long as the rules are fair.  The President is dedicated to expanding free trade and lowering trade barriers to the sale of U.S. goods and services. 

The President Is Working To Meet America’s Energy Demands And The Challenges Of The Global Economy By Developing Clean, Domestic, Affordable Supplies Of Energy.  We must safeguard the environment, reduce our dependence on energy from abroad, and help keep prices reasonable for consumers.  The President's Advanced Energy Initiative will promote alternatives to oil and seek clean ways to power our homes and cars.

The President Is Working To Give Americans More Control Over Their Health Care Spending, Leading To Better Treatment At Lower Costs.  Last week, President Bush signed an Executive Order that increases transparency in health care by directing Federal agencies that administer or sponsor health insurance programs to increase consumer access to pricing and quality information. 

The President Has Called On Congress To Pass Medical Liability Reforms That Would Reduce Frivolous Lawsuits.  Frivolous lawsuits and excessive jury awards limit access to health care by driving providers out of many communities and increase patients' costs by forcing doctors to practice defensive medicine.