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OPA News Release: [01/25/2006]
Contact Name: Stephanie Cathcart
Phone Number: (202) 257-6223
Release Number: 06-0101-NAT

U.S. Labor Secretary Elaine L. Chao to Speak at World Economic Forum on Future Job Growth and Global Employment

International Labor Comparisons Study to Be Released

DAVOS, Switzerland — U.S. Secretary of Labor Elaine L. Chao will speak on two panels on global employment and future job creation at the World Economic Forum in Davos, Switzerland. The Labor Secretary will address the topics of trends in future job growth, the skills gap, and the conditions necessary to sustain growth and job creation worldwide in the 21st century.

"Growth and job creation are the keys to increasing the standard of living for the world's workers," said Secretary Chao. "To achieve improvements in workers' quality of life, we need to encourage open trade, transparency, flexible labor markets and the rule of law."

In Davos, the Labor Department will also release its Chartbook of International Labor Comparisons: The Americas, Asia and Europe, which provides an overview and comparison of labor market situations globally. The study illustrates global labor market successes and reflects potential challenges for the future workforce. In the U.S., these include balancing worker protections with flexibility and mobility and overcoming the skills gap, one of the biggest workforce challenges facing the U.S. In the last five years, the majority of employment growth has been created in occupations paying above average wages and benefits but requiring higher skills and more education. Chao noted that the present U.S. Administration, under President George W. Bush's leadership, has instituted many programs to help close the skills gap and keep the U.S. workforce competitive in a global economy.

Despite the challenges of the last five years, the U.S. economy continues to grow and create new jobs. It has had 31 straight months of job growth, with more than 4.6 million net new jobs created since May 2003, and one of the lower unemployment rates in the world at 4.9%. The economy enjoys the highest growth rate of any major industrialized nation — 4.1 percent in the 3rd quarter of 2005. The latest Bureau of Labor Statistics data shows that small business is a key driver of U.S. job growth, creating two out of three new jobs.

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Details on two of the Secretary's key panels at the World Economic Forum focusing on the jobs of the future and how to create the best environment for job growth are as follows:

• Update 2006: Jobs of the Future: Wednesday, Jan. 25, 10:45 a.m. - Noon, Congress Centre (Sanada 1 & 2)
• BBC World Debate: Jobs! Where will they Come from Next?: Friday, Jan. 27, 12:30 p.m. - 2:00 p.m., Congress Centre (Congress Hall)

NOTE: The Chartbook of International Labor Comparisons can be found on the U.S. Labor Department's Web site at www.dol.gov/asp/media/reports/chartbook/.