Report shows employment was greater than previously anticipated, weather restricts September growth
WASHINGTON, D.C. – The U.S. economy added 236,000 more jobs last year than had been previously estimated, and also created 96,000 jobs for the month of September, the Bureau of Labor Statistics (BLS) reported today. The growth in September, which is now the 13th straight month of employment growth, occurred despite four major hurricanes in the Southeast suppressing economic activity and more than 225,000 residents saying they missed work for weather related reasons. The work related absentees is five times higher than the average suggesting weather dampened new employment growth.
Even despite the setbacks, BLS reported a net job gain of 332,000 jobs than previously were known bringing the total jobs created in the past year to roughly 2 million. These numbers suggest that all of the jobs lost following September 11, 2001 have now been recovered. In the 100 days following 9/11, America lost over 1 million jobs. The economy was also faced with other sever shocks like inherited recession, corporate scandal, and two wars, but the economy has rebounded sharply, creating over 1.9 million jobs since the 2003 Bush tax cuts.
"President Bush gave our economy the tax cuts it needs to grow," said ATR President Grover Norquist. "The economy, fueled by the tax cuts, has created nearly 2 million jobs, economic growth is at its fastest rate in 20 years, and after tax income is up 10 percent for working Americans. Kerry\’s gloom and doom scenario of the economy is just plain false and voters should reject this pessimism."
The U.S. economy is expanding despite tremendous adversity. The unemployment rate is currently at 5.4%, lower than the average rate of the 1970\’s, 80\’s, and 90\’s. Inflation and interest rates are near historical lows. The homeownership rate in the U.S. is at a record-high of 69.3 percent, and the minority homeownership rate is also the highest it\’s ever been.
"John Kerry and the Democrats will wrongly try to talk down the economy for their own political gain, but the fact is, the US economy is growing and adding jobs," continued Norquist. "President Bush showed leadership and forethought in delivering the tax cuts that have, and will continue, to pay huge dividends."