FROM THE OFFICE OF PUBLIC AFFAIRS

April 8, 2004
JS-1301

Statement of Assistant Secretary for Economic Policy
Mark J. Warshawsky on Recent Economic News

Due to the President’s economic leadership, more Americans are going to work and more Americans are staying on the job. A report on jobless claims out today suggests continued positive news in the U.S. labor market. Initial claims on unemployment insurance fell 14,000 last week to the lowest level in over three years. The four-week moving average was down to the lowest point since November of 2000. And continuing claims fell by a substantial 40,000 hitting a 32-month low. More good news on the labor front included a report out earlier this week that found layoffs at a four-year seasonal low. Following last week’s report that job creation in March resulted in the largest monthly increase in four years, these are promising signs for continued strength in employment.

Additionally, a services sector index out this week surged to a new record high, posting its twelfth straight month of expansion, and wholesale trade figures released today show growing strength.

The results of the President’s pro-growth policies are apparent in the building strength of the U.S. economy. This Administration will continue its efforts to encourage economic growth and create jobs.