May 4, 2006
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Statement by Secretary John W. Snow
On Productivity and Real Compensation

"There is yet more good economic news this morning, with two pieces of data that point to higher standards of living for Americans and also show that we're clearly at the point in the business cycle where we can expect to see wage gains for American workers.

"Productivity in the first quarter of the year at grew at a rate of 3.2 percent and real compensation per hour increased at a 3.6 percent rate – that's 8.5 percent higher than the peak of the business cycle in early 2001. At the same point in the previous cycle, real compensation per hour was up only two percent.

"We're all encouraged to see so much good economic data. Each new number reminds us of the benefits that good economic policy has for American workers and families."

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