For Immediate Release
November 3, 2006

Fact Sheet: Job Creation Continues - More Than 6.8 Million Jobs Created Since August 2003

      In Focus: Job & Economy
     

Today, The Government Released New Jobs Figures – 92,000 Jobs Created In October. The unemployment rate decreased to 4.4 percent, the lowest rate since May 2001. Payrolls have now increased 470,000 over the past 3 months and more than 1.9 million over the past 12 months. Since August 2003, more than 6.8 million jobs have been created - more jobs than all the other major industrialized countries combined. Our economy has now added jobs for 38 straight months.

The American Economy Remains Strong And Continues To Grow

• Real Wages Grew 2.4 Percent Over The Past 12 Months. This means an extra $755 for the average full-time production worker or about $1,327 for the typical family of four with two wage earners.

• Real After-Tax Income Per Person Has Risen By 9.8 Percent – $2,660 – Since The President Took Office.

• Our Economy Has Grown A Solid 2.9 Percent Over The Past Four Quarters – Faster Than Any Other Major Industrialized Country.

• Productivity Has Grown At An Annual Rate Of 3 Percent Since The First Quarter Of 2001, Up From A 2.4 Percent Annual Rate During The Preceding Five Years.

• Gas Prices Have Fallen Almost 82 Cents A Gallon Since Early August.

• Employment Has Increased In All But One State Over The Past 12 Months Ending In September.

The Economic Outlook Remains Positive

The President's Tax Cuts Have Helped Our Economy Grow Faster Than Any Other Major Developed Nation. President Bush worked with Congress to cut taxes for everyone who pays income taxes, double the child tax credit, reduce the marriage penalty, substantially cut taxes on small businesses, cut taxes on capital gains and dividends to encourage investment and jobs, and put the death tax on the road to extinction. To keep our economy growing, the President and Republicans in Congress want to make these tax cuts permanent, leaving more money in the hands of American workers, families, and businesses.

Recent Paycheck Growth Increases Have Been Larger Than Those In The 1990s Economic Expansion, Compared Either Over The Past Year Or For The Entire Business Cycle. Real hourly wages for production and non-supervisory workers have increased 2.4 percent in the past 12 months, and broader measures, such as disposable income per capita and hourly compensation, show even larger increases. Falling energy prices helped boost real wages by 1.0 percent in September alone – the largest increase in more than 30 years.

The Deficit Has Been Cut In Half Three Years Ahead Of Schedule. A strong economy has led to historic revenue growth. FY05 revenues were the largest in history, and the FY06 budget deficit was $248 billion, down from an original February projection of $423 billion and lower than 18 of the last 25 years as a percentage of our economy.

The President Has An Aggressive Agenda To Lower The Costs Of Health Care And Energy

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 initiated reform that is speeding cheaper generic drugs to market. The President has proposed expanding Health Savings Accounts (HSAs) and creating Association Health Plans (AHPs) to allow small businesses to band together to buy cheaper insurance.

The President Is Working To Break America's Addiction To Oil And Develop New Sources Of Reliable, Domestic Energy. The President wants to fund new technology to create new sources of fuel, build a reliable domestic supply of alternative fuels, develop new domestic energy resources, and increase conservation. The President is also encouraging the research and development of clean-coal technologies and expanding the safe use of clean, affordable nuclear power.

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