207,000 Jobs Added in July
August 5, 2005
207,000 Jobs Added in July
WASHINGTON-The Bureau of Labor Statistics (BLS) reported today that non-farm payroll employment increased by 207,000 jobs in July and the unemployment rate remained at 5.0 percent. Payroll employment gains for May and June were revised up by 42,000 jobs. Congressman Mario Diaz-Balart (R-Fla.) credited Republican economic policies for the continued job growth.
"More Americans are working today than ever before," Diaz-Balart said. "It's becoming repetitive, but no less true. Thanks to President Bush's policy of lower taxes, our nation's economy keeps churning out more new jobs every month. Although Democrats keep trying to slam the brakes by raising taxes, President Bush and the Republican Congress will continue to advance policies, like tax relief, that help everyday hard-working families reach for their dreams and achieve their goals."
The U.S. economy has created more than 2.2 million jobs over the past year and has had steady job gains for each of the last 26 months. Recently released Commerce Department figures also show that the economy grew at a solid 3.4 percent annual rate in the second quarter, the ninth straight quarter in which gross domestic product (GDP) increased at a rate above 3 percent.
In addition to strong job growth, the U.S. economy is showing other signs of continued expansion:
* In 2004, real GDP grew 4.4 percent - the strongest annual performance in 5 years and one of the strongest growth
performances of the past 20 years.
* Manufacturing industrial production is up 3.8 percent over the past year and by 9.2 percent over the past 2 years.
* Housing starts and building permits recently have been running at their highest sustained levels in two decades - at a pace
of around 2 million new housing units per year.
* The homeownership rate has recently hit at a record high at over 69 percent.
* Household net worth is at a record high level, and is up nearly 11 percent over the past year - including a 15 percent
increase in the value of household real estate.
http://www.house.gov/mariodiaz-balart/news/2005news/080505_jobs.htm