U.S. Economy adds 157,000 jobs in December, 2004 total best since 1999
WASHINGTON, D.C. – The United States economy created a solid 157,000 jobs in November, according to a report released today by the Bureau of Labor Statistics (BLS). BLS also revised November job creation figures upward by 34,000 additional jobs. In all, the economy created 2.2 million jobs in 2004, the best year of job growth since 1999. When final revisions are issued in March, analysts expect total 2004 job growth to reach 2.5 million.
"The U.S. economy is growing and adding jobs at a consistent, healthy and sustainable pace," said ATR President Grover Norquist. "President Bush\’s tax cuts have pulled our economy out of recession, through recovery, and into long term health and growth."
Last winter, Greg Mankiw, Chairman of President Bush\’s Council of Economic Advisors, predicted the economy would add 2.6 million new jobs in 2004. Liberal pundits and media outlets spent weeks vociferously attacking and deriding the White House projections, but when the final numbers are issued, it appears Mr. Mankiw will be almost exactly right.
The nationwide unemployment rate held steady at a 5.4 percent, far lower than the average rates of the 1970\’s, 80\’s and 90\’s. December marked the sixteenth straight month that the U.S. economy has added jobs, for a total of more than 3 million new jobs since August 2003.
Other economic news further demonstrates the economy is booming. In 2004, the economy created $1.2 trillion of new shareholder wealth, more than have of which coming after the November election. The economy grew at a greater-than-expected 4.0 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."