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Fact Sheet: October 2007 Marks Record 50th Consecutive Month of Job Growth

November 02, 2007

8.31 Million Jobs Created Since August 2003 In Longest Continuous Months Of Job Growth On Record

Today, the Bureau of Labor Statistics released new jobs figures – 166,000 jobs created in October. Since August 2003, 8.31 million jobs have been created, with 1.68 million jobs created over the 12 months that ended in October. Our economy has now added jobs for 50 straight months – the longest period of uninterrupted job growth on record. The unemployment rate remains low at 4.7 percent.

The U.S. Economy Remains Strong, Flexible, And Dynamic

  • Real GDP grew at a strong 3.9 percent in the third quarter of 2007. The economy has now experienced six years of uninterrupted growth, averaging 2.8 percent a year since 2001.
  • Real after-tax per capita personal income has risen by 12.7 percent – an average of over $3,800 per person – since President Bush took office.
  • Real wages rose 1.2 percent over the 12 months that ended in September. This rise is faster than the average rate during the 1990s.
  • Since the first quarter of 2001, productivity growth has averaged 2.6 percent per year. This growth is well above average productivity growth in the 1990s, 1980s, and 1970s.
  • The deficit today is at 1.2 percent of GDP, well below the 40-year average. Economic growth contributed to a 6.7 percent rise in tax receipts in FY 2007, following an increase of 11.8 percent in FY 2006.

To Keep Our Economy Strong, Congress Must Keep Taxes Low And Be Responsible With American Taxpayers' Money

Congress should pass the 12 annual spending bills one at a time in a fiscally responsible manner. Even though Fiscal Year 2008 began 33 days ago, Congress has failed to send a single spending bill to the President's desk – the worst record for a Congress in 20 years.

  • Congress should begin by sending the President – by Veterans Day – a clean Veterans spending bill that he can sign. Congress should also pass a clean Defense appropriations bill, and a war supplemental bill to fund our troops in combat. It would be irresponsible to not give our troops the resources they need to get their job done just because Congress was unable to get its job done.

The Democrats proposed $205 billion in additional spending over the next five years. In addition, Congressional Democrats have proposed tax increases in the farm bill, the energy bill, the small business bill, and the State Children's Health Insurance Program (SCHIP) bill.

  • The President proposed a responsible level of discretionary spending in his FY 2008 Budget, and he will veto annual spending bills that exceed this level.

Congress should work with the administration on an SCHIP reauthorization bill that puts poor children first. Instead, the House and Senate have passed an SCHIP bill that raises taxes to move two million children from private health insurance to a government run program. This bill repeals the requirement that 95 percent of children below 200 percent of the Federal poverty level be covered before coverage is extended to new children from higher income families, it still allows states to cover adults, and it costs more over the next five years than the bill the President vetoed four weeks ago.

Congressional leaders should also stand by their commitment to consider pending free trade agreements with Peru, Colombia, Panama, and South Korea. These free trade agreements will create better-paying jobs for American workers and farmers, and provide new opportunities for American entrepreneurs.

George W. Bush, Fact Sheet: October 2007 Marks Record 50th Consecutive Month of Job Growth Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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