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Archived News Release--Caution:
information may be out of date.
For more information call: 202/219-8211.
The American economy continues to create jobs at a steady
pace, while productivity and economic growth remain on the rise.
Last month, the economy added 116,000 new payroll jobs,
bringing the total increase in jobs since the beginning of the Clinton
Administration to over 7.5 million. The unemployment rate, which fell by
one-tenth of a percentage point to 5.5 percent, has now been under 6 percent
for the last 14 months.
As a tangible sign of the Clinton Administration's efforts
to reinvent and streamline government, the number of federal workers is at its
lowest level since September 1973. Federal payrolls have declined by more than
200,000 jobs, excluding postal workers, since January 1993.
Yet, in this looking-glass economy, workers' wages and
benefits continue to show essentially no increase after adjusting for
inflation, as this week's Employment Cost Index reveals. Productivity is up,
and profits are healthy, while there is no sign of accelerating inflation.
Given these facts, there is room for a raise. Economic recovery must boost the
fortunes of every American.
Archived News Release--Caution:
information may be out of date.
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