Press Release

Gutierrez Statement on Employment Report

NEW YORK—Commerce Secretary Carlos M. Gutierrez today released the following statement on the March Employment Report which showed 211,000 jobs were created and the unemployment rate dropped to 4.7 percent:

"Today's solid employment numbers prove once again that the American economy is one of the strongest in the world. The economy has added an average of 197,000 jobs in each month of the first quarter. Last year, the economy added an average of 165,000 jobs each month.

"The positive results of the Administration's pro-growth economic policies are undeniable--our economy continues to expand at a healthy rate, homeownership remains near its all-time highs, inflation remains in check, productivity is strong, household net worth is at an all-time high, and real after-tax income is up more than 8 percent per person since the beginning of 2001.

"Continuing to lead the global economy is the best way to shape our future and that's why President Bush proposed his American Competitiveness Initiative. By improving math and science skills in our schools; by tripling the number of workers getting job training; by attracting and retaining the world's best and brightest; and by focusing on research and development, we will ensure America stays on top."