169,000 Jobs Created in August, Lowest Unemployment Rate in Four Years
September 2, 2005
169,000 Jobs Created in August, Lowest Unemployment Rate in Four Years
Diaz-Balart: This Country Desperately Needed Some Good News
WASHINGTON-Today, the Department of Labor's Bureau of Labor Statistics issued its monthly report on the U.S. Job Market. The report showed that the economy created 169,000 jobs in the month of August, and the unemployment rate fell to 4.9%. July's payroll report was also revised upward by 35,000 to 242,000. Congressman Mario Diaz-Balart (R-FL) today praised the strong report as a healthy dose of good news.
"This country desperately needed some good news," Diaz-Balart said, "and the latest jobs report delivered. It shows that our economy is strong and getting stronger. Republican economic policies have helped usher in an era of prosperity because we believe in and rely on Americans' entrepreneurial spirit. By creating an environment of lower taxes and less government interference, businesses are able to grow and hire more workers.
"The devastation left by Katrina is heart wrenching and difficult," Diaz-Balart continued. "But our nation and our economy are strong, and together we will overcome and rebuild from this catastrophic tragedy."
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/090205_jobs.htm