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Rep. Wamp Says News of Strong Economy and Lowest Unemployment in Four Years Shows GOP Tax Cuts Working

 
December 5, 2005

The Department of Labor's Bureau of Labor Statistics today issued its monthly report on the U.S. job market.  The report showed that the economy created 215,000 jobs in the month of November, and the unemployment rate remained unchanged at 5.0 percent

 

 "The latest jobs report is yet another indicator that our economy is strong and getting stronger," Wamp said.  "Our entrepreneurs and small business owners are operating in an environment of lower taxes and less government interference which fosters competition, free markets and the responsible capitalism that is propelling their growth."

 

"This good economic news reinforces the need to make permanent the tax cut packages proposed by President Bush and passed by Congress in 2001 and 2003," Wamp said. "Republican economic stewardship has ushered in an era of prosperity so that even in the face of devastating natural disasters our nation has shown resilience and a dedication to rebuild what we have lost."

 

In addition to strong job growth, the U.S. economy is showing other signs of continued expansion:

           -U.S. Growth Domestic Product growth of 4.3 percent is at its fastest pace since 2004. The GDP growth in the third quarter is one full point above the 3.3 percent rate.

           -The increase in the rate of inflation was lower than initial expectations, with the price index of consumer spending rising 3.6 percent, compared with initial estimates of 3.7 percent.

           -The Conference Board?s November Consumer Confidence rating is 98.9, a 13-point increase from October?s 85.2.

           -Sales of new single family homes should the biggest one-month gain in 12-years. Sales of new single-family homes increased by 13 percent in October and pushed sales to an all-time high of 1.42 million units.

 

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