Statement by the President on the Nation's Continued Economic Growth.

IT IS heartening to note that today more people are at work in the United States at higher wages than ever before.

A report released today shows that nonfarm payroll employment reached an all-time high of 58.4 million in May. This was 500,000 above the April level and 1 ½ million better than May 1963.

Factory employment at 17.2 million in May was up 80,000 over April, a better than seasonal rise.

The May advance in total employment to 71.7 million was about 200,000 above seasonal expectation, with over half of the gain in agriculture.

The factory workweek rose to 40.7 hours, matching the previous May record set in 1955.

Overtime worked during May averaged 3.0 hours, setting a new record.

Hourly earnings of factory production workers edged up to $2.53 while weekly earnings reached a new high of $102.97, 4 percent above a year ago.

Unemployment dropped by 400,000 between May 1963 and 1964. Half of this drop was among the long-term unemployed. Most of the over-the-year cut in unemployment was among persons looking for full time jobs.

We have come far in the past few years. Since January 1961 our gross national product has risen 22 percent, industrial production is up 25 percent, the unemployment rate is down 24 percent, disposable personal income is up 18 percent, wages and salaries are up 19 percent, and corporate profits before taxes are up 45 percent.

Our economic prognosis is one of continued growth. From this strong base we are in a sound position to do what has to be done to assure that the blessings of the Great Society will be open to every citizen.