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Fact Sheet: Job Creation Continues - More Than 5.5 Million Jobs Created Since August 2003

August 04, 2006

Today, The Government Released New Jobs Figures – 113,000 Jobs Created In July. The economy has created more than 1.7 million jobs over the past 12 months – and more than 5.5 million jobs since August 2003. The unemployment rate is 4.8 percent – below the average of each of the past three decades. In addition, wages grew 0.4 percent in July, the second consecutive month of strong wage growth and faster than inflation.

The Economy Remains Strong, And The Outlook Is Favorable

  • Employment Increased In 47 States Over The Past 12 Months Ending In June.
  • Real GDP Grew A Strong 3.5 Percent Over The Past 4 Quarters.
  • Productivity Has Grown At A Strong 3.5 Percent Annual Rate Since The First Quarter Of 2001. Productivity growth during the past five years has been at the fastest rate in nearly four decades.
  • Real After-Tax Income Has Risen By 13.5 Percent Since January 2001.
  • Industrial Production Increased 4.5 Percent Over The Past 12 Months.
  • Manufacturing Production Has Risen 5.7 Percent Over The Past 12 Months. Manufacturing productivity has grown 4 percent over the past four quarters, faster than the 3.7 percent average growth in the 1990s.
  • Strong Growth Is Helping Raise More Tax Revenues For The Federal And State Governments. In 2005, Federal tax revenues grew by $274 billion, the largest increase in 24 years, and State tax revenues are up substantially in 2006.

President Bush Has An Aggressive Agenda To Create Jobs And Keep The Economy Growing

President Bush Has Called On Congress To Make His Tax Relief Permanent. The economy grows when Americans have more of their own money in their pockets to save, spend, or invest. The President worked with Congress to double the child tax credit, reduce the marriage penalty, cut taxes on capital gains and dividends, create new incentives for small businesses to invest, and reduce income taxes for every American who pays them.

The President Is Calling On The Senate To Quickly Pass The Line-Item Veto, So He Can Sign It Into Law. The line-item veto would make it easier for the legislative and executive branches to work together to ensure fiscal responsibility. Under the line-item veto passed by the House, a President could approve spending that is necessary, redline spending that is unnecessary, and send the wasteful spending back to Congress for a prompt up-or-down vote.

President Bush Is Working With Congress To Control Runaway Entitlement Spending. In February, President Bush signed the Deficit Reduction Act into law, saving our Nation almost $40 billion over the next five years. In addition, the President's FY07 Budget proposes to slow the growth of entitlement programs, including Medicare, by $65 billion over five years. The President will continue to work with Congress on entitlement reform, including reforming Social Security.

The President's American Competitiveness Initiative (ACI) Will Keep America The Most Innovative And Competitive Economy In The World. The ACI will encourage more aggressive investment by businesses in research and development, increase Federal support for vital basic research, and improve math and science education for America's students.

The President Is Committed To Opening Markets Around The World And Expanding Opportunities For America's Farmers, Ranchers, Workers, And Businesses. Since 2001, the U.S. Congress has approved free trade agreements (FTAs) with 12 countries. Export growth to trade partners with FTAs implemented between 2001 and 2005 is twice as fast as U.S. export growth to the world. More trade leads to more jobs for workers, more income for businesses, more choices for consumers, and more tax revenue for State and local governments.

As We Work To Open Markets To American Goods, We Must Ensure That America Remains An Open Society To New Immigrants Who Add To Our Economy And Prosperity. The President urges Congress to pass comprehensive immigration reform that will secure our borders, enhance worksite enforcement, create a temporary worker program, resolve the status of illegal immigrants already here, and promote assimilation into the American culture, including learning English.

George W. Bush, Fact Sheet: Job Creation Continues - More Than 5.5 Million Jobs Created Since August 2003 Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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