December 2, 2005
JS-3031

Statement of Treasury Secretary John W. Snow
On November Employment Report

"Today's strong employment report brings the total of jobs created since May of 2003 to 4.4 million -- with 1.8 million new jobs created this year alone, offering additional good news for American workers and their families as we head into the holiday season.  The American economy is growing.  The announcement that 215,000 new jobs were created in November marks the 30^th straight month of payroll growth.

"Today's report ends a week of very good news for the American economy.  Wednesday's revised estimate of third quarter GDP growth for 2005 came in at a robust 4.3 percent.  Consumer confidence is rebounding, industrial production is up, early reports are that holiday sales are strong, and new home sales just hit a record high.  These are the unmistakable hallmarks of a strong economy and are encouraging news for America's families.  A steady stream of positive indicators has given us increased confidence that the underlying fundamentals of our economy are solid, and that our path of growth is steady.

"The President's sound economic policies, combined with good monetary policy from the Federal Reserve have given American workers and entrepreneurs the opportunity to grow an economy that is competitive and remains the envy of the world.  The American model of free enterprise, open markets and low taxation continues to be the economic inspiration for other countries seeking to grow and create jobs."