Statement by the President on the Unemployment Rate During October.

I WAS very pleased to learn today that the unemployment rate fell to 4.3 percent in October. This is the lowest rate of unemployment since August 1957--more than 8 years ago--and is substantially below the 5.2 percent rate of October 1964. Over the past year, more than 2 million jobs have been created by our vigorously advancing economy, and unemployment has fallen by nearly one-half million.

There were welcome declines in unemployment from September to October among less privileged groups of workers. Unemployment among nonwhite workers was down from 8.2 percent in September to 7.9 percent. Unemployment among blue-collar workers was down from 5.1 percent to 4.9 percent. The long-term unemployed were down from 736,000 to 703,000. The unemployment rate for married men fell to 2.1 percent in October, the lowest rate since December 1955.

As we look back, we see the great progress made in the longest period of peacetime prosperity in our Nation's history. In early 1961, the unemployment rate was 6.7 percent and nearly 5 million workers were without jobs.

As we look forward, the need and opportunity for further improvement are obvious. Unemployment of teenagers is still far too high, although the rate of 13.1 percent in October is better than the 14.3 percent of a year earlier. The unemployment rate for nonwhite Americans is still a painful 7.9 percent, although it has improved markedly from 9.8 percent a year ago.

We tend too often to think of employment and unemployment in statistical terms alone and not in personal terms. We are inclined to forget that our task is not merely to reduce percentages but to help men and women find meaningful work and fulfill their dignity as human beings.

To be able to work but unable to find a job is one of the most demoralizing experiences a man can suffer. The loss of a job to one man may only slightly, if at all, affect a statistical chart, but to that man and his family it means heartache and sacrifice. That is why our goal remains full employment. We must assure equality of job opportunity for all and pursue diligently the private and public politics that will maintain noninflationary prosperity. Next to the pursuit of peace, I know of no challenge greater than this.