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OPA News Release: [06/06/2006]
Contact Name: Jim
Schaefer
Phone Number: (202) 693-4676
Release Number: 06-989-NAT
U.S. Labor Secretary Elaine L. Chao Addresses
Austrian Technical University Students
KREMS, Austria — U.S. Secretary of Labor Elaine L. Chao today addressed students at the IMC Fachhochschule Krems University of Applied Sciences in Krems, Austria. Chao discussed the dynamics of economic change and employment growth in the U.S. and Europe.
"Last Friday the unemployment rate dropped to 4.6 percent, the lowest in five years. And the U.S. has seen 33 months of uninterrupted job growth, with more than 5.3 million net new jobs created since August 2003," said Secretary Chao.
Chao also discussed the flexibility and mobility of the U.S. workforce as well as the relatively low taxes on labor in the U.S. compared to some European nations. She pointed out that among the G-7 countries, the United States had the strongest economic growth in 2005.
"The flexibility and mobility in the U.S. economy are also unique, and somewhat surprising to workers in other countries. Every year approximately one-third of the total U.S. workforce — or about 50 million people — leave their jobs and find new jobs, largely because of better opportunities," said Secretary Chao. "So, change is the norm in our country."
Chao also stressed the challenges posed by international trade and the importance of education and training to meet the demand for skilled workers. The U.S. labor secretary discussed programs underway in the United States to help workers develop the skills they need to access new job opportunities, including the President's American Competitiveness Initiative and the High Growth Job Training Initiative.
"Our society recognizes that keeping the skills of our workers updated is one of the major challenges facing America today," Chao said.
The IMC Fachhochschule Krems is an international university of applied sciences with more than 1,000 students from all over the world.
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