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 Home > News & Policies > October 2004

For Immediate Release
Office of the Press Secretary
October 29, 2004

Fact Sheet: President Bush’s Policies Drive Continue Economic Growth in the Third Quarter of 2004

     Fact sheet In Focus: Jobs and Economy

Friday's News: Steady Economic Growth Continues

America's economy grew at a strong pace of 3.7 percent during the third quarter of 2004 - well above the historical average, and continuing the strong growth seen over the previous 5 quarters. GDP continues to grow above the average rate of the 1970s, 1980s, and 1990s, while the unemployment rate remains below the average for those decades.

  • Nationwide, the economy has posted steady job gains for each of the last thirteen months - creating over 1.9 million jobs 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.
  • Recent state jobs figures show steady continued gains in states across the country. 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 46 of the 50 states.

The President's policies have helped to propel the economy forward, putting more money in the pockets of American families and laying a foundation for growth and job creation now and for years to come. But there is still more work to do.

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 create jobs, and opposes tax increases that would add a burden to working families and set back our economy. This month, the President signed important tax relief for America's working families, which extends the middle class tax cuts and leaves 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.

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, Medical Liability Reform, and health information technology.
  • 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 communities 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.