Statement by the President on the Employment Record for August.

I AM very pleased that the reports on unemployment in August confirm this summer's gains. This afternoon the Department of Labor announced that, in August, the national unemployment rate was at 4.5 percent

--matching the level of July and

--maintaining the lowest rate since October 1957.

The number of employed persons has grown by 2 million since last August. And the ranks of the unemployed have been reduced by

--400,000 over the past year,

--600,000 since August 1963, and

--1,300,000 since August 1961.

It is particularly gratifying to see the especially good gains made by our Negro workers, who have so long suffered from high unemployment. The unemployment rate for Negroes was down to 7.6 percent in August, matching May of this year as the lowest Negro rate since May 1957. We are making progress toward equality of opportunity in a prosperous economy. We still have a long road to travel before equality has been achieved, but we are well on our way.

The teenage unemployment rate fell to 12.4 percent, compared with 15.0 percent a year ago. Although 12.4 percent is still far too high, it is remarkable that this rate has improved despite the enormous increase in the number of young workers seeking jobs.

--It shows that our young people of today, better educated and healthier than ever before, can find their way to jobs.

--It demonstrates the benefits of an expanding economy.

--It reflects the nationwide cooperation that made our Youth Opportunity Campaign such a success.

--It means that the hands and minds of our young people are being better used to build our society.

The uninterrupted progress of our economy continues in its 55th month, still strong and well-balanced. As it continues, as our new investments in human resources pay dividends, and as our manpower programs help increasingly to match workers and jobs, our expanding labor force will find new job opportunities. We look forward to ever wider participation in the benefits of a prosperous economy by those workers who have suffered most from unemployment--the less skilled, the Negroes, and the inexperienced members of our labor force.