Fact Sheet: Job Creation Continues
More Than 6.6 Million Jobs Created Since August 2003
Today, The Government Released New Jobs Figures 51,000 Jobs Created In
September, And The Unemployment Rate Dropped To 4.6 Percent. This growth
follows the addition of 188,000 jobs in August. The economy has created
more than 1.7 million jobs over the past 12 months. Since August 2003,
more than 6.6 million jobs have been created more jobs than all the
other major industrialized countries combined. This is 810,000 more jobs
than previously estimated. Our economy has now added jobs for 37 straight
months.
The American Economy Remains Strong And Continues To Grow
-
Over The First Half Of This Year, Our Economy Grew At A Strong 4.1 Percent
Annual Rate Faster Than Any Other Major Industrialized Country.
-
Nominal Wage Growth Has Been 4.1 Percent So Far This Year. This is better
or comparable to its 1990's peaks. Over the first half of 2006, employee
compensation per hour grew at a 6.3 percent annual rate adjusted for
inflation.
-
Real After-Tax Income Has Risen 15.0 Percent Since January 2001. Real
after-tax income per person has risen by 9 percent since January 2001.
-
Productivity Has Grown A Strong 2.5 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.
-
Gas Prices Have Fallen 74 Cents Nationwide Since Early August.
-
Employment Increased In 48 States Over The Past 12 Months Ending In August.
-
The Dow Set Record Highs On Three Consecutive Days This Week.
President Bush's Tax Cuts And Economic Policies Are Helping Sustain Our
Economic Growth
The Strength And Continued Growth Of Our Economy Is A Tribute To The
American Worker And The President's Tax Cuts. The U.S. economy has
proven resilient and responsive, growing 3.7 percent per year over the past
three years and adding more than 6.6 million jobs since August 2003,
despite numerous challenges including the burst of the dot com bubble,
corporate scandals, recession, the terrorist attacks of 9/11, and the most
costly natural disaster in American history.
The President Is Working To Break Our Addiction To Oil And Develop New
Sources Of Reliable, Domestic Energy. The President wants to develop
technology to create new sources of fuel, build a reliable domestic supply
of alternative fuels, and develop new domestic energy resources. The
President is also encouraging the research and development of clean-coal
technologies and expanding the safe use of clean, affordable nuclear power.
The President's Policies Are Helping Make Health Care More Affordable And
Accessible. The President worked with Congress to create the Medicare
Prescription Drug benefit and he has implemented reforms to speed cheaper
generic drugs to market. The President has proposed expanding Health
Savings Accounts and creating Association Health Plans to allow small
businesses to band together to buy cheaper insurance.
The Economic Outlook Remains Positive
The President's Tax Cuts Have Helped Our Economy Grow Faster Than Any Other
Major Developed Nation. President Bush's tax cuts have put more money in
the hands of American workers, families, and businesses. To keep the
American economy strong and growing, the President and Republicans in
Congress want to make these tax cuts permanent.
Wages Are Growing. Paychecks are rising, but until recently large and
unanticipated increases in energy prices consumed much of the wage growth.
As gas prices continue to fall, many workers will feel greater benefits
from rising real wages.
The Housing Market Is Slowing Down To A Healthier, More Moderate Rate Of
Growth And Is Still Strong Compared To Historical Levels. Housing starts
are still at a very high level 1.7 million starts per year is well
above the 1.4 million average per year during the 1990s. Homeownership
among all Americans, including minorities, is still near record levels.