September 2, 2005
JS-2696

Statement of Treasury Secretary John W. Snow on the
August Employment Report

Today's employment numbers are a note of good news in a week when the hearts and prayers of our nation are with those suffering on the Gulf Coast.

The fact that 169,000 more people went back to work in August and the unemployment rate fell to 4.9 percent, the lowest rate in four years, provides further indication that our economy is continuing to expand. More than 4 million jobs have been created since the President signed the Jobs and Growth Act in May of 2003.

Our economic strength is of critical importance at this time of national disaster, and fortunately we are standing on sturdy economic ground at this time. Maintaining and fortifying our economic vitality is an integral part of hurricane recovery efforts.  Our economy is the most open, flexible and adaptive in the world and I am confident that it will prove its resiliency through these difficult times.