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 Home > News & Policies > July 2004

For Immediate Release
July 20, 2004

Fact Sheet: Steady Job Growth Continues in States Across the Country
State Jobs Data Shows Steady Economic Growth

On July 20, 2004, the government released new jobs figures for states across the country – and the news shows steady gains. June’s employment data indicate that the President’s economic policies are creating jobs and driving steady economic growth, but there is still more work to be done.
The President understands that many Americans are working hard to make ends meet. That is why he continues to push for pro-growth policies that will strengthen our economy, create more jobs, lower health care costs, and raise Americans’ standard of living.

  • According to statistics released by the Bureau of Labor Statistics (BLS), job creation was up in 46 of the 50 states in the last year, and the unemployment rate was down in all regions and in 47 of the 50 states.
  • Nationwide, the economy has posted steady job gains for each of the last ten months – creating more than 1.5 million jobs since August. According to statistics released by the Bureau of Labor Statistics (BLS), 112,000 new jobs were created in June.
    • The national unemployment rate stayed constant at 5.6% in June – down 0.7 percentage point from a peak of 6.3% a year ago. At 5.6%, the unemployment rate is below the average of the 1970s, 1980s, and 1990s.
    • The manufacturing industry, which was the hardest hit by the economic downturn, is beginning to see a recovery. National manufacturing employment is up by 64,000 jobs since its low in January. The ISM Manufacturing survey’s employment index reached a 30-year high in May and remained strong in June, indicating strong further gains in manufacturing employment in the months ahead.
    • Unemployment rates have fallen across all levels of education, races, and ages over the past year.
      • For people without a college degree, the unemployment rate is down by 0.7 percentage point.
      • For both African-Americans and Latinos, the unemployment rate is down by 1.5 percentage points.
      • For teenagers, the unemployment rate is down by 2.2 percentage points.
  • The economy is growing stronger. Factories are busier, families are earning more, homeownership continues to rise, and people are finding work.
    • Economic growth since last summer has been the fastest in nearly 20 years.
    • After-tax incomes are up by 11% since December 2000—substantially faster growth than following the last recession, and household wealth is near an all-time high.
    • Inflation is low and interest rates and mortgage rates are near historic lows.
    • The homeownership rate is at a record high. Minority homeownership is at its highest rate ever.
    • The Dow Jones Industrial Average rose by 25% in 2003, and the NASDAQ rose by 50%.

More to Do: Many Americans are working hard to make ends meet. We must continue to push forward on a pro-growth economic agenda that meets the needs of the American people.

  • Making tax relief permanent – raising taxes now would put the brakes on our growing economy.
  • Providing worker skills – preparing Americans for the skilled jobs our economy will create in the years to come.
  • Controlling health care costs – giving America’s working families greater access to affordable health insurance by providing association health plans and health savings accounts.
  • Reducing regulation – ensuring that Federal regulations do not unduly handicap America’s entrepreneurs by streamlining regulations and reducing paperwork.
  • Reducing frivolous lawsuits – supporting enactment of medical liability reform, class action lawsuit reforms, and asbestos litigation reforms to expedite resolutions and curb the costs lawsuits impose on American businesses.
  • Adopting a National Energy Policy (NEP) – ensuring that America has a reliable and affordable source of energy and reducing our dependence on foreign sources.
  • Opening new markets overseas – helping to create jobs at home by expanding markets for America’s products and services around the world.

Now is Not the Time to Change Policies That are Strengthening Our Economy

President Bush has brought our economy back, and it is growing again and creating new jobs. Now is not the time to change the policies that are strengthening our economic recovery.

The President has acted decisively to bring us back from recession to recovery. He has:

  • Enacted tax relief for families by lowering tax rates for all taxpayers, increasing the child credit, and reducing the marriage penalty.
  • Phased out the death tax, helping to preserve family farms and businesses.
  • Encouraged business growth by providing incentives for small businesses to invest.
  • Made the stock market stronger by cutting taxes on dividends and capital gains.
  • Passed the strongest corporate governance reforms since FDR was President.
  • Proposed his Jobs for the 21st Century initiative to improve education for high school students and train workers for industries creating the most new jobs.