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 Home > News & Policies > October 2004

For Immediate Release
October 8, 2004

Fact Sheet: September 2004 Jobs and Economy

Over 1.9 Million Jobs Created Since August 2003 with 13 Straight Months of Job Gains
New Revisions Show Stronger Job Gains

The President's Economic Policies Continue to Drive Steady Job Growth and Strengthen the Economy

Jobs Data Shows Steady Economic Growth
  • On October 8, 2004 , the government released new jobs figures and the data continues to show steady gains. September's employment data indicate that the President's economic policies are creating jobs and continuing to move the economy forward, but there is still more work to do.
  • The President will continue to push pro-growth policies that are creating more jobs, and oppose tax increases that would add a burden to working families and be a setback for our economy. This week, the President signed important tax relief for America 's families, leaving more than $50 billion next year in the hands of the people who earned it . money that will keep our economy moving forward and result in even more new jobs for American workers.
  • The economy has posted steady job gains for each of the last thirteen months. 96,000 new jobs were created in September.
  • In addition, the Bureau of Labor Statistics (BLS) today announced that they had underreported the number of jobs created between April 2003 and March 2004 by 236,000 . This preliminary .benchmark revision. is an annual adjustment done by BLS to ensure a more accurate count of job creation.
  • As a result of today's announcements, the payroll survey indicates that over 1.9 million jobs have been created since August 2003.
    • The national unemployment rate held steady at 5.4% in September down 0.9 percentage point from a peak of 6.3% in June 2003, and the lowest rate since October 2001. At 5.4%, the unemployment rate is well below the average of the 1970s, 1980s, and 1990s.
    • The household survey shows nearly 2.2 million jobs created since August 2003.
    • Job creation was up in 47 of the 50 states in the last year, and the unemployment rate was down in all regions and in 45 of the 50 states.
    • Employment in construction and financial services is currently at an all-time high.
    • Since the national peak in June 2003, unemployment rates have fallen across all levels of education, races, and ages.
Background: President Bush's Actions are Moving Our Economy Forward. Now is Not the Time to Turn Back
  • Job creation has improved considerably since the President's Jobs and Growth bill took effect in May 2003.
    • Families have more money in their pockets to spend real after-tax income is up more than 10% since President Bush took office. Since the President's 2001 and 2003 tax cuts, personal consumption levels have risen substantially.
    • The national homeownership rate is at an all time high . 69.2 percent in the second quarter of 2004. Minority homeownership set a new record of 51% in the second quarter and is up 2.1 percentage points from a year ago.
    • Core inflation remains low.
    • Mortgage rates remain near historic lows, making homebuying easier and more affordable.
  • The President opposes efforts to repeal parts of his tax relief. Small businesses create seven out of ten jobs in our economy, and raising taxes on upper income taxpayers will raise taxes on more than 900,000 small business owners . This is not the time to raise taxes on America 's job creators.
More to Do: The President's Plan to Create More Jobs, Security, and Opportunity in a Growing Economy

While the President's tax cuts are creating jobs and continuing to strengthen the economy, there is still more to do so that every American who wants a job can find one. To create jobs, America must remain the best place in the world to do business. The President's six-point plan:

    • Allows families to plan for the future by making tax relief permanent.
    • Encourages investment and expansion by restraining Federal spending and reducing regulation.
    • Makes our country less dependent on foreign sources of energy through a comprehensive national energy policy.
    • Expands trade and levels the playing field to sell American goods and services across the globe.
    • Protects small business owners and workers from the explosion of frivolous lawsuits that threaten jobs across America .
    • Lowers the cost of health care for small businesses and working families through Association Health Plans, tax-free Health Savings Accounts, tax credits for employer contributions to Health Savings Accounts, and Medical Liability Reform.
  • To keep our economy growing, we must reform the tax code to make it simpler, fairer, and more pro-growth . The President will lead a bipartisan effort to reform and simplify the tax code.
  • To help workers find better, higher-paying jobs, the President has proposed to double the number of people served by our principal job training program and increase funding for community colleges .
  • To stand with workers in poor communities and those that have lost manufacturing, textile, and other jobs, the President proposes the creation of opportunity zones. To assist these communities in helping themselves, we will provide tax relief, and other incentives to attract new business, and improve housing, job training, and high-tech infrastructure.