For Immediate Release
Office of the Press Secretary
September 7, 2007

Fact Sheet: More Than 8.2 Million Jobs Created Since August 2003

White House News

      Infocus: Economy

Unemployment Rate Remains Low At 4.6 Percent

Today, The Bureau Of Labor Statistics Released New Jobs Figures. Nonfarm payroll employment edged down in August by 4,000 jobs, meaning our economy has created 1.6 million jobs in the last 12 months, and 8.22 million since August 2003 when the labor market began its turnaround. Private employment increased by 24,000 jobs in August, marking the 48th consecutive month of private job growth. The unemployment rate remained unchanged at 4.6 percent, below the average of each of the past four decades.

The President's Tax Relief Is Helping Keep Our Economy Strong, Flexible, And Dynamic

• Real GDP Grew At A Strong 4.0 Percent Annual Rate In The Second Quarter Of 2007. The economy has now experienced nearly six years of uninterrupted growth, averaging 2.7 percent a year since the turnaround in 2001.



• Real After-Tax Per Capita Personal Income Has Risen By 11.9 Percent – An Average Of Over $3,500 Per Person – Since President Bush Took Office.



• Real Wages Have Grown 1.7 Percent Over The Past 12 Months Ended In July. This is much higher than the average growth rate during the 1990s, and it means an extra $971 in the past year for a family with two average wage earners.



• Productivity Grew 2.6 Percent Annual Rate During The Second Quarter Of 2007. During this Administration, productivity growth has averaged 2.5 percent per year, well above the average productivity growth in the 1990s, 1980s, and 1970s.

President Bush Has Called On Congress To Pass The 12 Basic Spending Bills Needed To Keep The Federal Government Running. President Bush submitted his budget to Congress over six months ago, but Congress has not yet sent to his desk even one spending bill to sign. Congress must get its work done and pass these bills before the September 30th deadline.

• Since The President's Tax Relief Was Implemented, The Resulting Strong Economy Fueled Record Levels Of Tax Revenue That Will Help Balance The Budget By 2012. The President's FY 2008 Budget lays out a plan to continue this deficit reduction while keeping taxes low, leading to a surplus in 2012 of $33 billion.



• The President Will Veto Appropriations Bills That Would Return Our Nation To The Tax-And-Spend Policies Of The Past. The President proposed a reasonable and responsible level of discretionary spending in his FY 2008 Budget, and he will veto annual spending bills that exceed this level.



• The President Has Also Proposed Reforms To Make The Earmark Process More Transparent And Cut The Number And Cost Of Earmarks By At Least Half. The President is working to restore integrity to the Congressional budget process by calling on Congress to make funding merit-based and transparent.

Last Week, President Bush Announced Steps At The Federal Level To Help Homeowners In Need Of Assistance To Avoid Foreclosure. The President has called on Congress to pass a Federal Housing Administration (FHA) modernization bill and to change a key housing provision of the Federal tax code so it does not harm families who are forced to sell their homes for less than their mortgage is worth. In addition, the President announced a new FHA initiative to help homeowners who have good credit but have been unable to make every mortgage payment on time because of rising payments.

The President Calls On Members Of Congress To Stand By Their Commitment To Pass Pending Free Trade Agreements With Peru, Colombia, Panama, And South Korea. These free trade agreements will create better-paying jobs for American workers and provide new opportunities for farmers and entrepreneurs.

On August 9, The President Furthered His American Competitiveness Initiative By Signing The America COMPETES Act Into Law. This new law will help keep America the most innovative nation in the world by supporting doubling funding for basic research programs in the physical sciences, authorizing the President's Math Now proposal to improve instruction in mathematics, and authorizing the President's proposed Advanced Placement/International Baccalaureate (AP/IB) program.

# # #