Employment Participation Rate -0.5% in Feb. '07, Workforce Increase
6.3M in 43 Mos.
President George W Bush praised job
creation in the United States during his leadership the week ending 16
March 2007. He said some 7.5 million jobs had been created since August
2003 --through February 2007-- however, the Bureau of Labor Statistics
(BLS) does not reflect the same figures.
During February 2007 there were 97,000 new hires across a civilian work
force of 152 million. The civilian labor force in August 2003 was
146.967 million. The participation rate for the same timeframe has
fallen from 66.3 percent to 65.8 percent. Those employed rose from
138.137 million in August 2003 to 144.479 in February 2007 (net
increase of 6.342 million.) The number of unemployed totaled
8.830 million in August 2003 and in February 2007 the total was 7.45
million, according to BLS. Those who currently want a job stands at
4.635 million, down from 5.03 million in August 2003.
While the official unemployment rate stood at 4.5 percent in February
2007, BLS reported in a separate study that the total unemployment
rate, (which included marginally attached and those part timers for
economic reasons) stood at 8.7 percent, down from 9 percent in February
2006. Marginally attached workers are those who indicate they want
work, but do not hold a job, and includes discouraged workers who have
experienced long-term layoffs. Those employed part-time for economic
reasons are simply those who have settled for part-time work while
attempting to get back into a full-time job after layoff.
The employment population ratio was flat across the past 43 months at
62.6 percent. The services sector (mostly hospitality) has experienced
the highest rate of job creation during the past three years according
"Our economy has now added jobs for 42 straight months, and the
unemployment rate remains low at 4.5 percent," President Bush said.
The president added that wages have grown much faster during his
presidency than during the 1990s, "and it means an extra $1,279 in the
past year for the typical family with two wage earners," he said.
Real after-tax income per person rose 10 percent, the president added,
or more than $2,900 since President Bush took office. "The economy has
now experienced over five years of uninterrupted growth averaging 3
percent a year since 2001," the president said.
President Bush also added that his tax relief plan has helped drive up
the Dow Industrial Average by 40 percent, and the NASDAQ is up more
than 55 percent under his economic watch.
Using the latest figures, President Bush urged Congress to break-down
barriers in order to sell more manufactured goods from the United
States outside the country's borders. "Global trade talks like the Doha
Round at the World Trade Organization have the potential to level the
playing field so America can compete on fair terms in foreign markets,
while helping lift millions of people out of poverty around the world,"
the president said.
The president has also proposed reforming the tax code with a standard
deduction for every citizen who buys health insurance, whether they pay
for it through their employer or on their own. His proposal also "taps
the innovation of states" in making basic, affordable insurance
available to all by creating "Affordable Choices" grants to redirect
institutional subsidies to help ensure the poor and hard-to-insure have
access to private health insurance.
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