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There
have been about 2.1 million jobs
created over the past 12 months. |
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There
have been over 5.1 million
jobs created since August,
2003. |
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The
US unemployment rate is 4.7 percent. |
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Since
February, 2004,
Americans' wages have been rising at a
pace slightly faster rate than core inflation. For the first time
ever, the median wage has risen to
over $600 a week. |
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Since January,
2001, real after-tax income per person has risen 8.3%.
Real household net worth is at an all-time high of $52.1 trillion.
The median net worth of American households rose 1.5%
between 2001 and 2004. |
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Today's
unemployment rate is lower than the average of the 1960s, 1970s,
1980s, and 1990s. |
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US GDP, Gross Domestic Product, is
growing solidly. |
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The
consulting firm Challenger, Gray, & Christmas, reports that today's
college graduates will enter the best job market in five years. |
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Real
GDP increased 3.5% in 2005. The economy
has been growing for 17 straight quarters. The
composite index of leading indicators has risen
during the past 6 months.
This indicates continued growth is ahead
for the US economy. |
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The
core Consumer Price Index (CPI) rose just 0.1% in
February. Core CPI increased a moderate 2.1%
over the past 12 months. This indicates core inflation remains
contained. |
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Over
the past
year, employment
increased in 48 states.
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Real
consumer spending increased 3.2% over
the past year. Nominal retail sales are up
6.7% over the past 12 months. |
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The
Institute for Supply Management (ISM), a private research group,
reports manufacturing activity grew for the 34th
consecutive month in March. Its reading of 55.2 indicates
continued sector expansion. |
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According
to the Federal Reserve, over the past 12 months total industrial
production rose 3.3%, including a 0.7%
increase in February. Manufacturing industrial production rose
4.2%. |
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Construction
spending is at an all-time high. It rose 0.8% in February, reaching
a seasonally adjusted annual rate of $1.185 trillion. |
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The
ISM reports non-manufacturing business activity grew for the 36th
consecutive month in March. The ISM's business activity index
reading of 60.5 indicates continued sector growth. |
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Over
the past 5 years, tax cuts have helped spur economic growth. Working
Americans have been allowed to keep $880 billion of their earnings.
Without recent tax cuts, Americans' earnings would have been taxed and
more of their earned wages would have passed into
government hands. |
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Capitalism
works. Tax cuts spur economic growth for all Americans of all
economic means if they are willing to work for their wages rather
take so-called entitlements. |