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Archived News Release — Caution: Information may be out of date.
For more information call: 202/219-8211.
With continued steady employment growth, the American
economy remains on course for a perfect landing.
Last month, 166,000 new payroll jobs were created,
bringing the total increase in jobs since the beginning of the Clinton
Administration to 7.7 million. The unemployment rate, at 5.6 percent, has been
under six percent for 15 months, and has hovered in the 5.5 - 5.7 percent range
for the last half year.
Still, while GDP, productivity and employment continue to
rise at a healthy clip, real wages have not budged. In fact, hourly wages of
production and nonsupervisory workers have dipped slightly.
As we enter the holiday season, while Wall Street
celebrates, shoppers on Main Street are waiting for the party to begin. Wages
are stagnant; 7.4 million Americans are unemployed; 4.4 million Americans who
want full-time jobs are working part-time, and 7.6 million Americans are
holding at least two jobs, trying to make ends meet.
Our challenge remains to ensure that the economic recovery
lifts the lives of every American. We've got to get more Americans on to the
ladder of opportunity -- by raising the minimum wage, preserving the earned
income tax credit and equipping all Americans with the skills to succeed in the
new economy.
Archived News Release — Caution: Information may be out of date.
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