More Jobs, Better Pay

More Jobs, Better Pay

A meaningful, well paying job is the single most important issue for American families and why I voted for President Bush's Jobs & Growth Tax Relief Act, which reduced taxes on capital investment for businesses, resulting in additional business investment and contributed to the strong GDP over the past several quarters. The tax relief also allowed American families to take home more of the money they earned to spend as they saw fit, which also contributed to a now robust economy.

The shockwaves the 9/11 terrorists' attacks dealt the economy resulted in the legislation taking longer to have the positive economic impact, particularly job creation, than we initially hoped. However, my Congressional colleagues and I continued working to stimulate job growth. For example, I hosted a manufacturing and jobs forum here in Dayton recently and co-sponsored legislation to address trade violations by other countries to ensure our manufacturers and farmers can compete on a fair and level playing field.

The most recent employment data shows that 288,000 new jobs were created in April 2004, the seventh consecutive month of job growth. Over 1.1 million jobs have been created since August 2003. Since then, unemployment has dropped from its peak of 6.3% to 5.6% (below the average of the 1970s, 1980s and 1990s). The Wall Street Journal took the occasion of the April data to write, "Allow us to mark the news (of the April employment data) as the official death of the 'jobless recovery'."

Manufacturing employment, of particular concern to Ohio's Third District, increased in April and was revised upward for February and March. Thus, manufacturing employment has now has risen for three consecutive months. These are the first gains in this sector since July 2000.

The Ohio data (the release of which runs several weeks behind the national data) also shows an improving picture. The Ohio unemployment rate was down from 5.9% to 5.7% from February to March 2004. In March 2003 Ohio's unemployment rate was 6.3%. The counties that make up the Third District average 5.4%, less than the April national unemployment rate (Warren 4.5%, Clinton 5.1%, Montgomery 5.8% and Highland 6.7%).

Further, as the U.S. economy grows stronger, the labor market is beginning to create better-paying jobs. And jobs are paying more locally, than on average, across the nation. According to new data released by the U.S. Department of Labor Statistics, the 2003 average wage in the Dayton-Springfield area was $19.06 per hour, up 5.3% versus 2002. The average wage in Dayton-Springfield is about 8% higher than the national average.

Jobs are always a key issue for American families. As the economy recovered I have pursued every opportunity to create jobs. The most emphatic evidence of success are the

1.1 million jobs the U.S. economy has created since last August. In the last two months the jobs market has begun to grow at a pace reflective of the strong GDP, suggesting it will continue. There are more jobs with better wages, something to improve the quality of life for more American families.