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.
Junes employment data indicate that the Presidents 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
- 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 surveys employment index
reached a 30-year high in May and remained strong in June, indicating
strong further gains in manufacturing employment in the months
- 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
- Economic growth since last summer has been the fastest in
nearly 20 years.
- After-tax incomes are up by 11% since December 2000substantially
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 Americas 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 Americas 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 Americas products and services
around the world.
Now is Not the Time to Change Policies That are Strengthening
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
- Phased out the death tax, helping to preserve family farms and
- Encouraged business growth by providing incentives for small businesses
- Made the stock market stronger by cutting taxes on dividends and
- Passed the strongest corporate governance reforms since FDR was
- 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.
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