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Archived News Release--Caution:
information may be out of date.
For more information call: 202/219-8211
"We end this week--and begin this month--with very good news for the
American worker and the American economy.
"The President's historic budget agreement--which will eliminate the
deficit while providing tax relief for America's working families and
substantial increases in our investments in their education, training and
health care--passed the Congress this week. American workers are better for it.
"And today's employment situation report proves that the Administration
continues to be on the right track.
"The July unemployment rate is only 4.8 percent--returning to the lowest
rate in 23 years. We gained 316,000 net payroll jobs--260,000 in the private
sector--a clear signal that the Clinton Administration's economic strategy is
working.
"Since the beginning of this Administration, almost 13 million new jobs
have been created--with 93 percent of net new jobs created in the private
sector. The report shows gains for workers in retail, finance and health
service.
"The good news continues. For 55 consecutive months, the unemployment
rate has been below 6.0 percent, and for 18 consecutive months, the rate has
been at or below 5.5 percent.
"It is clear that the Great American Job Machine is a steady,
well-managed, fine-tuned operation that is moving along in the right
direction."
Archived News Release--Caution:
information may be out of date.
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