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Archived News Release--Caution:
information may be out of date.
For more information call: 202/ 219- 8211.
On Labor Day 1995, America's working men and women have
much to celebrate. Since last Labor Day the unemployment rate has remained
below 6 percent -- 12 consecutive months below what some claimed was the
"natural rate" of unemployment. Last month, the economy added 249,000 new jobs.
And factory jobs edged up by 12,000 following four consecutive monthly
declines.
The state of the American workforce this Labor Day is not
bad -- but not nearly as good, paradoxically, as the state of the economy.
Profits are up. Paychecks are not.
Wages last month declined two cents per hour, and over the
past year have essentially kept pace with inflation. Meanwhile, productivity
growth and corporate profits over the past year have increased more
strongly.
The great American jobs machine continues to hum -- more
than 7.3 million new jobs since President Clinton took office. Our great
remaining challenge is to boost paychecks.
Archived News Release--Caution:
information may be out of date.
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