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Archived News Release--Caution:
information may be out of date.
For more information call: 202 219-8211
The nation's Labor Day celebration continues with today's
Employment Situation Report release.
During the time when we celebrate the contributions of American workers,
it is fitting that there is continued good news on the unemployment front. The
August unemployment rate was 4.9% -- the fifth month that the unemployment rate
has been five percent or lower . . . and the thirty-sixth month below six
percent. Truly a cause for celebration.
There is plenty of good news for our nation's working men and women:
unemployment is down, job creation is up, and wages continue to grow at a
steady pace. Manufacturing employment rose by 47,000. Employment in
construction made its first gain since May. Retail trade employment rose 31,000
and government employment was up because of gains in local education.
But as we start the back-to-school season, there are some lessons to be
learned: education and training makes a difference. Unemployment for those who
do not finish high school is more than twice as high as those with a college
degree. Clearly, life-long learning and skills development is the critical
component to a successful future.
Nearly 13 million new jobs have been created since President Clinton
took office in January, 1993. Nearly 92 percent of these jobs have been in the
private sector. Job growth this month was held down by the UPS/Teamster
dispute. Fortunately, the impact on the economy was short term.
Archived News Release--Caution:
information may be out of date.
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