What's Bush's plan for fiscal responsibility?
To make the American economy strong and put people to work so that they can realize the American dream.
Here you go!
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Thirty Percent Of U.S. Employers Expect To Hire In The Third Quarter. "About 30% of U.S. employers expect to add workers to their payrolls in the third quarter, according to the latest Manpower Employment Outlook Survey. … The improved response from employers reflected in the survey indicates an increasing recovery from the so-called hiring slump." (Lauren Etter, "Thirty Percent Of U.S. Employers Expect to Hire," The Wall Street Journal, 6/15/04)
The Economy Is Growing At Its Fastest Rate In 20 Years. The economic growth during the past 12 months is the fastest in nearly 20 years. (Bureau of Economic Analysis) Private forecasters have ratcheted up their economic growth forecasts for the rest of this year to 4.7 percent, which would yield the fastest growth in 20 years.
1.4 Million Jobs Created In The Past Nine Months.
Employment Rises By 248,000 Jobs In May. "Nonfarm payroll employment rose by 248,000 in May, and the unemployment rate was unchanged at 5.6 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today." (Bureau Of Labor Statistics, "The Employment Situation: May 2004," bls.gov, 6/4/04)
March And April Jobs Numbers Revised Upwards. "The May increase in payroll employment follows gains of 346,000 in April and 353,000 in March (as revised). Job growth in May again was widespread, as increases continued in construction, manufacturing, and several service-providing industries." (Bureau Of Labor Statistics, "The Employment Situation: May 2004," bls.gov, 6/4/04)
High Paying Jobs Are Being Created. Over 70 percent of the payroll jobs added in May were in industries that pay more than the national average for non-supervisory workers of $15.64 per hour. Two-thirds of the one million payroll jobs added since the beginning of this year were in industries that pay more than the national average. (The Employment Situation: May 2004," Bureau of Labor Statistics, 6/4/04; "Productivity and Costs," Bureau of Labor Statistics, 6/3/04)
Personal Compensation Above Historic Norms. In the past year, real hourly compensation in the non-farm business sector has gone up 2.1 percent. That’s faster than the average growth of 1.5 percent in the 1990s. Since President Bush has been in office, real hourly compensation has gone up 1 percent per year. During President Clinton’s first term it increased just 0.2 percent. (Source: "Productivity and Costs," Bureau of Labor Statistics, 5/6/04)
Manufacturing Sector Has Made "Especially Notable Recovery." "Whereas employers in seven of the 10 sectors of the economy surveyed intend to increase hiring activity from the second quarter, the manufacturing sector has made an especially notable recovery since this time last year. The lack of new manufacturing jobs over the past years has often been seen as a missing component in healthy job growth. Now manufacturing is at parity with other industries." (Lauren Etter, "Thirty Percent Of U.S. Employers Expect to Hire," The Wall Street Journal, 6/15/04)
Retail Sales Rose In May. "In a second, more upbeat report, the government said U.S. retail sales rebounded in May, increasing by a strong 1.2 percent. The improvement suggests consumers remain in spending mode, despite recent polls showing declining confidence in the economy and worries about high energy prices. Overall, economists say, the reports reflect an economy that is growing at a 4% to 5% annual rate. In fact, the trade deficit likely is widening in part because stronger growth is increasing the appetites of consumers and businesses for imported goods." (Sue Kirchhoff, "Expanding economy Delivers Rising Trade Deficit, Retail Sales," USA Today, 6/15/04)
Consumer Spending Rose In May. "Meanwhile, Commerce said consumer spending rose 1.2% in May, after falling 0.6% in April. Year-over-year growth was nearly 8.9%. Auto sales were a bright spot, growing 2.7% for the biggest rise in six months. Higher gas prices helped increase the overall spending figure. Consumer spending is an important indicator of growth, accounting for nearly two-thirds of U.S. economic activity." (Sue Kirchhoff, "Expanding economy Delivers Rising Trade Deficit, Retail Sales," USA Today, 6/15/04)
Home Values Remain Strong. Nationwide housing values increased 7.7 percent in the year ended in the first quarter of 2004 and are up more than 40 percent over the last five years. (OFHEO, 6/1/04)
Manufacturing Sector Has Shifted Into Overdrive. The survey of manufacturing activity shows the industry has been expanding for 12 consecutive months and is approaching a two decade high. The manufacturing employment index is at the highest level in 31 years. (Institute for Supply Management, 6/1/04)
Auto Sales Continue At Record Setting Pace. Automakers sold 1.63 million vehicles, or an annual pace of 17.8 million, according to Woodcliff Lake, New Jersey-based Autodata. That beat a 17.1 million estimate in a Thomson Financial survey of analysts and compares with 16.4 million for April and 16.3 million for May 2003. ("U.S. Auto Sales Rise 3.4% in May as GM, Toyota, Chrysler Gain," Bloomberg, 6/2/04)
Productivity And Wages Surpass Economists' Expectations. Non-farm business productivity increased at a revised 3.8 percent annual rate in the first quarter, the Labor Department said, a bit faster than the 3.5 percent gain initially reported and just above the 3.7 percent increase expected on Wall Street. In addition, the department revised its measure of hourly labor compensation for the fourth quarter up sharply, to a gain of 4.2 percent compared to the earlier reported 2.5 percent rise. ("Productivity revised higher in 1Q," CNN Money, 6/3/04)
As The Economy Booms, Employers Are Hiring More Americans. The economy created 248,000 payroll jobs in May – 1.4 million payroll jobs have now been added in the past nine months. Since January, the economy has added jobs in every major sector. Payroll growth between January and May averaged 238,000 jobs a month, faster than during the same period in the Clinton administration. (U.S. Bureau of Labor Statistics, 6/4/04)
Gasoline Prices Expected To Decline. U.S. drivers should see slightly lower prices at the pumps later this summer when more oil exports from OPEC arrive in U.S. ports and help lower gasoline prices, the federal government said Tuesday. The national price for regular unleaded gasoline will average $1.89 a gallon from July through September, the federal Energy Information Administration (EIA) forecast, down from the $1.94 previously estimated. ("Gasoline prices seen as falling," CNN Money, 6/8/04)
Economists Expect Faster Growth. The survey found panelists expected U.S. gross domestic product to surge 4.7 percent this year -- its best performance since 1984 -- up from a 4.6 percent forecast a month ago. ("Forecasters expect higher U.S. growth," Reuters, 6/10/04)
Economic Growth Reduces Unemployment Insurance Rolls. Continuing claims fell by 106,000 to 2.881 million for the week of May 29. This is the lowest level of continuing claims since mid-2001. This suggests increased hiring in the months ahead as firms attempt to meet strong demand. ("Economic Research: US Release Commentary," Bank of America, 6/10/04)
Household Balance Sheets Strongest Ever. Household net worth totaled $45.1 trillion at the end of last year, registering its highest level ever. Household assets are now 5.5 times greater than household liabilities. ("Flow of Funds Accounts of the United States," Federal Reserve, 6/10/04)
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