FROM THE OFFICE OF PUBLIC AFFAIRS

Statement of Acting Assistant Secretary for Economic Policy Mark Warshawsky on 2003 Fourth Quarter Productivity Report

Building on the third quarter’s strong productivity gains, we saw further growth in the fourth quarter of 2003.  In the 12 quarters since the end of 2000, productivity has grown at a 4.1 percent annual rate, the most rapid three-year change in decades. Rapid productivity growth is making it more affordable to hire workers, boosting profit margins, and keeping inflation low.

In addition to recent good news including gains in manufacturing, growth in the services sector, higher consumer confidence and ongoing strength in the housing market, today’s productivity report illustrates that a solid economic recovery continues. Yet, there is more to be done and we remain dedicated to ensuring that job opportunities are there for every American looking for work.