Initial filings for unemployment stand at lowest rate in two years
WASHINGTON, D.C. – Good news for the U.S. job market came today as the Labor Department announced new claims for unemployment insurance dropped by 19,000 for the week ending on April 2. This report suggests that the long-term positive trend in the employment market is holding strong.
“The U.S. economy is growing and adding jobs at a consistent, healthy and sustainable pace,” said ATR President Grover Norquist. “By giving Americans back more of their own hard earned money, President Bush is giving the Americans economy the freedom and stimulus it needs to create new jobs.”
Today’s news supports the strong, long-term positive trend for the U.S. labor market. Since the Jobs and Growth Tax Relief Reconciliation Act passed in June of 2003, the U.S. economy has generated 3.1 million news jobs. In the last 13 months alone, 2.5 million jobs have been created. Furthermore, the nationwide unemployment rate stands at 5.2 percent. Prior to the 2003 tax cut, unemployment stood at 6.3 percent, but steady job growth has driven the rate down to a figure well below the average of the 1970’s, 80’s and 90’s.
“President Bush’s tax cuts have a proven track record of job creation and should be made permanent.” continued Norquist. “Furthermore, to keep the economy and jobs flowing, Congress needs to enact tort reform and permanently fix Social Security reform.”