Unemployment falls to 5.4% as long term strength in labor market continues
WASHINGTON, D.C. – The United States economy created a modest but still solid 112,000 jobs in November. This is the 15th straight month of jobs creation and the nationwide unemployment rate fell to a miniscule 5.4 percent, far lower than the average rates of the 1970\’s, 80\’s and 90\’s. Since August 2003 a total of 2.4 million jobs have been created.
"A year and a half of steady, robust job creation, coupled with an historically low unemployment rate, is clear proof that the U.S. economy has officially emerged from recovery and is now in a long term expansion mode," said ATR President Grover Norquist. "The United States economy owes our current rosy economic outlook to President Bush\’s tax cuts."
Job creation was up in 47 of the 50 states in the last year, and the unemployment rate was down in all regions and in 42 of the 50 states. Employment in construction, financial services, and educational and health services is at an all-time high. Since the national peak in June 2003, unemployment rates have fallen across all levels of education, races, and ages.
Other economic news further demonstrates the economy is booming. In the month since the November election, $550 billion of new shareholder wealth has been created. The economy grew at a greater-than-expected 3.9 percent in the third quarter, and has expanded at an average quarterly rate of 4.7 percent since the 2003 tax were enacted, far outpacing the historical average of 3.5 percent.
"President Bush\’s tax cuts have a proven track record of job creation and should be made permanent." continued Norquist. "President Bush and Congress should pursue further tax reform so the growth and prosperity can expand at even greater rates."