Contact: Emily Christensen, 202-224-5444

FOR IMMEDIATE RELEASE      October 05, 2007

U.S. Economy Hits Milestone - 49 Consecutive Months of Job Growth

Utah's 2.6 percent unemployment rate tied for second lowest in the nation

WASHINGTON, D.C. – Senator Bob Bennett (R-Utah) issued the following statement today after the Bureau of Labor Statistics released its report announcing a record-setting 49 months of consecutive job growth and an unemployment rate of 4.7 percent.

“The unprecedented news today of 49 months of consecutive growth indicates the strength and resiliency of our American economy,” said Bennett, a member of the Joint Economic Committee and Senate Banking Committee. “This is not to say we do not have some challenges on the economic front, but our economy remains sound as business continues to create jobs. Congress must act responsibly in the months and year ahead and restrain any notion to increase taxes on American families."

Bennett also noted positive economic news for the state of Utah – 54,900 new jobs in the past year. Utah has an unemployment rate of 2.6 percent, well below the national average of 4.7 percent.

Highlights of the report include:

• More than 8.4 million jobs have been created since August 2003;
• Non-farm payroll employment increased by 110,000 new jobs in September;   
• Real gross domestic product increased at an annual rate of 3.8 percent in the second quarter;
• Payroll employment grew by over 1.6 million jobs over the year ending in September;
• Real wages have grown 2.2 percent over the 12 months that ended in August;
• Exports have increased by over 14.8 percent in the 12 months that ended in July; 
• The unemployment rate is 4.7 percent and remains well below the recent peak of 6.3 percent in June 2003.

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http://bennett.senate.gov/