248,000 New Jobs Created in May

Republican National Committee ^ | June 4, 2004

[RWR8189]

National Jobs Data

• May's increase in employment remained strong and above market expectations. 248,000 new jobs were created in May - and the increases in April and March were revised upward 58,000 and 16,000 respectively, for a combined upward revision of 74,000 new jobs. The economy has posted steady job gains for each of the last nine months -- with nearly one million new jobs in the last 3 months alone.
  
  • An average of over 257,000 jobs per month has been created since the beginning of this year.
    
  • The household survey shows a similar increase in jobs, up 1.5 million since August.
    
  • The national unemployment rate stayed constant at 5.6% in May - down 0.7 percentage point from a peak of 6.3% in June 2003. At 5.6%, the unemployment rate is below the average of the 1970s, 1980s, and 1990s.
    
  • Employment over the last year was up in 44 of the 50 states and the unemployment rate was down in all regions and in 47 of the 50 states.
    
  • National manufacturing employment increased 32,000 in May, and was revised upward by 22,000 jobs for March and April. Manufacturing employment has risen for four consecutive months. The ISM Manufacturing survey shows similar strength in manufacturing employment, reaching a 30-year high in May.
    
  • Weekly unemployment insurance claims are near their lowest levels since 2000.

Background: President Bush's Actions are Helping to Drive Our Economic Recovery

• The President's Jobs and Growth tax relief package enacted a year ago helped drive the strong improvement in our economy. It raised the level of economic activity and productivity, which will result in higher incomes and living standards for American workers.
  
• The American economy grew at a strong annual pace of 4.4 percent during the first quarter of 2004 - well above the historical average, and continuing the strong growth seen over the previous two quarters. Economic growth over the last year has been the fastest in nearly 20 years, at a 5.0 percent annual rate that would double the real size of the economy in 14 years. The Blue Chip consensus of private forecasters expects 4.2 percent growth during the four quarters of 2004 compared to an average since 1960 of 3.3 percent.
  
• America's standard of living is on the rise. Real after-tax incomes are up by 11% since December 2000 - substantially better than those following the last recession. Since the President's 2001 and 2003 tax cuts, personal consumption levels have risen significantly.
  
  • Retail sales other than motor vehicles in the first quarter of 2004 increased 11.8 percent, more than double the average annual rate of growth over the last decade.
    
  • Consumer confidence is at its highest level in 4 months. The Conference Board's index of consumer confidence increased nearly 10 index points in the past 12 months, from 83.6 last May to 93.2 this May.
    
  • New housing construction in April remained at levels near those of December 2003, when they were at their highest in almost 20 years.
    
  • In the first quarter of 2004, the national homeownership rate reached a record high of 68.6 percent, beating the record set in the previous quarter.
    
  • Minority homeownership set a new quarterly record of 50.8 percent in the first quarter, up 0.2 percentage points from the fourth quarter and up 1.5 percentage point from the first quarter of 2003.
    
  • Inflation remains low by historical standards, with the core CPI (Consumer Price Index) rising only 1.8 percent and the core finished-goods PPI (Producer Price Index) rising 1.5 percent over the last 12 months.
    
  • Mortgage rates remain near historic lows, making homebuying easier and more affordable.
    
• American companies are reporting historic levels of growth.
  
  • Productivity grew from 2000 to 2003 at the fastest 3-year rate in more than 50 years. This has bolstered profits and will lead to significantly higher real wages for workers.
    
  • More manufacturers have been reporting increased activity and new orders than at any time in the last 20 years. o Since its low in mid 2002, the stock market is up about 40% and the NASDAQ is up almost 70%.

[RexBeach]

I can hear the lament from the left now: "But what KIND of jobs were they?".

So the US economy, which is the most envied one in the industrialized world, has now created nearly 950-thousand-jobs in the past three months...and it's never enough for the Democrats.

They are basing their hopes for November on military defeat and the loss of jobs. What a wonderful platform: Hope is on a short leash, while despair ranges freely. Geez.

[MonroeDNA]

WGIDS.

[silverleaf]

So Bush has predicted 2 million jobs this year. If the economy shows an increase of 2.5 million, the whacko left headlines willl be: BUSH LIED.

[Alcibiades]

In December the dems talked about jobs and were afraid to touch bush on the military. Now they have to completely change course and bush has all those quotes about the election being about jobs to use against them.

[KC_Conspirator]

I can hear the lament from the left now: "But what KIND of jobs were they?".

Already started this morning with Robert Reich, who claimed on one of the networks that these were all lousy jobs. Of course he had absolutely no proof of that.

[abc1]

It's funny, in the lamestream press, jobs are created. Sometimes employers create jobs, but, George Bush never creates jobs.
Yet, job losses are always attributed to George Bush.

I remember a political cartoon from the 90's when at a white house dinner Clinton was bragging about the thousands of jobs HE created, and the waiter behind him thinks "and I have three of them".

[RightWhale]

"But what KIND of jobs were they?".

We see 20 yard side dumps hauling around gravel and fill everywhere. We see Cats and backhoes digging everywhere. We must be building something, even if it is only new Walmarts.

[kevkrom]

"But what KIND of jobs were they?"

2/3 of the new jobs are over the median income of $15.60/hour. Even if they're just hamburger flipping, that's pretty good money for flipping them burgers.

[expat_panama]

You really know how to hurt a guy when he's down.

[RipSawyer]

"So Bush has predicted 2 million jobs this year. If the economy shows an increase of 2.5 million, the whacko left headlines willl be: BUSH LIED."


George H.W. Bush could walk across the Potomac and the news media would report that he is too stupid to learn to swim.

[sionnsar]

Oh, I dunno. Willie's still busy posting.

[dufekin]

The fact of the matter remains that George W. Bush is the worst president since Herbert Hoover on economic issues; he personally destroyed 3 million jobs. Companies may be creating jobs now, but only because they are celebrating the inevitable Kerry inauguration preemptively. Unless of course Bush steals the election again.

[SquirrelKing]

The wags on CNN yeaterday: "Yes, but still LOWER than expected..." Tsk Tsk.

True story.

[Redcoat LI]

I'm hearing it right now.

The station that carries Rush in Boston is owned by A.B.C,and the have John Sweeny,Afl-Cio Union thug boss talking down the economy,as well as "likely" Democrat nominee John Kerry,explaining why all these jobs are a bad thing.

They come on every 1/2 hour.

[SquirrelKing]

WGIDS

What does this stand for?

Pardon my ignorance.

[MikeA]

...and other stories the "mainstream" lap-dog media won't report. Just with a brief look at today's media coverage, MSN has 2 typically negative stories in the headlines, 4 G.I's killed in Iraq and the OPEC quota hike won't do a thing to kick down gas prices. Not a thing about the glowing jobs numbers. The New York Times has this as their lead web service headline: U.N. Report Says U.S.-Led Forces Mistreated Many Iraqis. Nothing in ANY of their news categories about the jobs numbers.

But keep in mind both news sources SCREAM headlines whenever the economy fails to produce jobs, or if the unemployment numbers edge up. The pretense that the US has ANYTHING like a free media is now laughable. These people are out to bring down Bush in a big way, to the point they'll report NOTHING positive on Iraq or the economy and NOTHING NEGATIVE about Kerry. Frankly I would not bat an eye if tomorrow the govt. shut down the US media entirely. It's not as if anyone could claim a free press was being violated. We don't have one.

[ntnychik]

When the first month of job increases was reported, Eleanor Clift said on McLaughlin Group (in a huff as always), that we wouldn't have a recovery in jobs until she was seeing at least 150,000 jobs created per month, over time. Can't imagine why, but Eleanor hasn't uttered a peep on this subject since. Of course, any silence from her is welcome to my ears. ;-}

[Zhangliqun]

But is that NET new jobs?