Fact Sheet: Economic Growth Continues - More Than 5.1 Million Jobs Created Since August 2003
"These millions of new jobs are evidence of an economic resurgence that is strong, broad, and benefiting all Americans."
- President Bush, April 7, 2006
Today, The Government Released New Jobs Figures - 211,000 Jobs Created In March. The economy created 211,000 jobs in March and has created about 2.1 million jobs over the past 12 months - and more than 5.1 million since August 2003. The unemployment rate is 4.7 percent - lower than the average of the 1960s, 1970s, 1980s, and 1990s.
The Economy Is Strong And Continues To Grow
- GDP Growth Is Strong. Real GDP increased 3.5 percent in 2005. The economy has been growing for 17 straight quarters, and the composite index of leading indicators has risen the past 6 months, indicating continued growth.
- The Conference Board Index Of Consumer Confidence Rose To 107.2 In March - The Highest Level In Nearly Four Years.
- Inflation Remains Contained. The core Consumer Price Index (CPI) rose just 0.1 percent in February. Core CPI has increased a moderate 2.1 percent over the past 12 months, indicating core inflation remains contained.
- Over The Past Year, Employment Has Increased In 48 States.
- Real Disposable Incomes Have Risen 2.2 Percent Over The Past 12 Months. Since January 2001, real after-tax income per person has risen 8.3 percent. Real household net worth is at an all-time high of $52.1 trillion, and the median net worth of American households rose 1.5 percent between 2001 and 2004.
- Consumer Spending Is Strong. Real consumer spending has increased 3.2 percent over the past year, and nominal retail sales are up 6.7 percent over the past 12 months.
- College Graduates Face The Best Job Market In Five Years According To Employment Consulting Firm Challenger, Gray & Christmas.
- Manufacturing Expansion Continues. The Institute for Supply Management (ISM), a private research group, reports manufacturing activity grew for the 34th consecutive month in March, and its reading of 55.2 indicates continued sector expansion. According to the Federal Reserve, over the past 12 months total industrial production rose 3.3 percent, including a 0.7 percent increase in February, and manufacturing industrial production rose 4.2 percent.
- New Orders For Durable Goods Surpassed Expectations And Rose 2.6 Percent In February.
- Construction Spending Is At An All-Time High, Rising 0.8 Percent In February To Reach A Seasonally Adjusted Annual Rate Of $1.185 Trillion.
- Service Sector Grows. The ISM reports non-manufacturing business activity grew for the 36th consecutive month in March. The ISM's business activity index reading of 60.5 indicates continued sector growth.
- Productivity Growth Continues. During the past four quarters, productivity has increased 2.5 percent. Productivity has grown at a 3.4 percent annual rate since the business-cycle peak in the first quarter of 2001. America has the most productive workers of any major economy in the world.
The President's Tax Relief Has Helped Spur America's Economic Momentum
In The Past Five Years, The President's Tax Relief Helped Spur Growth By Keeping $880 Billion In People's Hands. To keep the economy growing, the President believes the American people should be able to keep more of their own money to save and invest as they see fit. The President has cut taxes for everybody who pays income taxes, including families, small business owners, farmers, and entrepreneurs.
- To Maintain Economic Growth, The President Is Committed To Keeping Taxes Low And Restraining Spending. The President has asked Congress to make tax relief permanent, proposed a disciplined budget that would reduce non-security discretionary spending below the previous year's level and would keep us on track to cut the deficit in half by 2009, and proposed line-item veto legislation to reduce wasteful spending.
The President's Agenda To Grow A Vibrant Economy
President Bush's Pro-Growth Policies Will Ensure Continued Economic Opportunity. President Bush is working with Congress to make health care more affordable and accessible; increase America's energy independence; open additional markets to American products; reform the immigration system and ensure secure and orderly borders; and reform our legal system.
The President Proposed The American Competitiveness Initiative (ACI) To Encourage Innovation Throughout The Economy. The ACI will increase Federal investment in critical research, provide children with a strong math and science foundation, and ensure the Nation continues to lead the world in innovation.
George W. Bush, Fact Sheet: Economic Growth Continues - More Than 5.1 Million Jobs Created Since August 2003 Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/283496