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Archived News Release--Caution:
information may be out of date.
For more information call: (202) 693-4650
Our nation's economy remains strong.
The unemployment rate for the month of November was 4.0
percent. We have been at or below 4.1 percent for 14 months.
Job growth was strong and widespread among the various
service producing industries . . . with above average employment increases in
hospitals, membership organizations, social services, engineering and
management services. We also saw impressive gains in the computer and building
sectors, making the case that technology is key to our economic growth.
Seasonal hiring was particularly strong in the retail trade as well.
Government employment saw a decline of 54,000 jobs last
month, half of which was in state and local education. This decline reflects
the difficulty of finding teachers. Our economy is fueled by knowledge, and we
must continue to provide communities with the resources to educate our young
people and enable them to access the skills -- particularly high tech skills --
they need to succeed in today's economy.
As we close out the year, I was pleased to see that the
unemployment rate for black teens fell to 20.9 percent, the lowest since we
began collecting this number in 1972. That number is still too high, but it
makes the case that our economic prosperity and efforts like our Youth
Opportunities initiative--we call it YO!--are in fact making real and
significant impacts in the lives of at-risk youth.
During this holiday season, I think it is fitting that we
celebrate the men and women who day in and day out build our nation's
prosperity. I wish all of them a very happy holiday.
Archived News Release--Caution:
information may be out of date.
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