Press Release

Commerce Secretary Gutierrez Hails Tumbling Unemployment Rate

KNOXVILLE, Tenn.—U.S. Commerce Secretary Carlos M. Gutierrez today released the following statement on the October Employment Report released earlier this morning, which showed that 92,000 jobs were created in October--the 38th straight month of job growth. The report also indicated that revised estimates showed that a total of 148,000 jobs were added in September and 230,000 jobs were added in August--139,00 more jobs more than estimated in last month's release. The unemployment rate dropped to 4.4 percent, the lowest since May 2001. In addition, the Hispanic unemployment rate dropped to 4.7 percent, a record low.

"The tumbling unemployment rate shows the U.S. economy is strong, resilient, and keeps on rolling. About half a million jobs have been created in the last three months alone.

"Today's job report is another reminder that the fundamentals of the U.S. economy are strong and re-affirms the economy's positive outlook. The hard work of America's businesses and workers, along with the President's pro-growth policies have resulted in the creation of good paying jobs across many sectors which has dropped our unemployment rate to lower than the average of each of the last five decades.

"Without President Bush's tax relief, as many as 3 million fewer jobs would have been created, and our economy would have grown 3.5 to 4.0 percent less than it did between 2001 and 2004.

"President Bush's prosperity agenda has produced a growing economy that has benefited millions of American families. The President's strategy for sustained prosperity has been accomplished through lower taxes, the doubling of the child tax credit and a reduction in the marriage penalty.

"The bottom line is that tax cuts work. America needs to stay on the path that created its current prosperity."

White House Fact Sheet on Jobs and Economic Growth