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 Home > News & Policies > October 2006

For Immediate Release
October 6, 2006

Fact Sheet: Job Creation Continues – More Than 6.6 Million Jobs Created Since August 2003

     Fact sheet President Bush Discusses Job Growth and the Economy
     Fact sheet In Focus: Jobs & Economy

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.

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