For Immediate Release
Office of the Press Secretary
December 8, 2006

Fact Sheet: Job Creation Continues-More Than 7 Million Jobs Created Since August 2003

      In Focus: Job & Economy
     

Today, The Government Released New Jobs Figures – 132,000 Jobs Created In November. Since August 2003, more than 7 million jobs have been created - more jobs than all the other major industrialized countries combined. Our economy has now added jobs for 39 straight months, and the unemployment rate is 4.5 percent, down 0.5 percent from the same time last year.

• Real Wages Have Risen 2.8 Percent Over The Past Year. This means an extra $1,687 for the typical family of four with two wage earners.
  
  
• USA Today/Gallup Poll Estimated Consumers Plan To Spend More Than $800 On Gifts This Season. The estimate is the "highest early November reading Gallup has seen since 2000," suggesting a "strong holiday season" for retailers. (Lydia Saad, "Christmas Shoppers Appear To Be In A Jolly Mood," 11/20/06, Available At: http://www.galluppoll.com/content/?ci=25495&pg=1)

The American Worker Is Benefiting From Economic Growth

• Real After-Tax Income Per Person Has Risen By 9.4 Percent – $2,777 – Since The President Took Office.
  
  
• Real Consumer Spending, Supported By Strong Job Gains And Rising Personal Income, Rose At An Annual Rate Of 3.4 Percent In The First Three Quarters Of This Year.
  
  
• Consumer Prices Fell For A Second Straight Month In October. Consumer prices dropped by 0.5 percent in October, led by a 7 percent fall in energy prices.
  
  
• Our Economy Has Grown A Solid 3 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. Growing productivity has helped America lead the world in manufacturing, producing almost twice as much as second-place Japan last year.

• Employment Increased In 42 States Over The Past 12 Months Ending In October.

The President Has An Aggressive Agenda To Keep Our Economy Strong And Growing

The President's Tax Cuts Are Helping Our Economy Grow. The President believes the American people can spend their money far better than the Federal government can, and he worked with Congress to cut taxes for everyone who pays income taxes. To keep our economy growing, the President calls on Congress to extend rate reductions and other pro-growth tax relief. The President also supports extension of the child tax credit and marriage penalty relief.

The President Will Continue Working With Congress To Control Runaway Entitlement Spending, Including By Reforming Social Security. Our strong economy has led to historic revenue growth that helped cut the deficit in half three years ahead of schedule, but the unchecked growth of entitlement programs remains the principal challenge to restraining Federal spending. While we do not need to cut these programs from current levels, we need to address their rate of growth –these important programs are growing faster than inflation, faster than the population, and faster than the economy.

The President's Policies Are Helping Make Health Care More Affordable And Accessible. The Administration has successfully implemented the Medicare prescription drug benefit, and now more than 38 million Medicare beneficiaries enjoy drug coverage. In addition, 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 is funding new technology to create new sources of fuel, build a reliable domestic supply of alternative fuels, develop new domestic energy resources, and increase efficiency. 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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