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THE WHITE HOUSE
Office of the Press Secretary
|For Immediate Release
||Friday, July 7, 2000|
The American Economy has Created More than 20 million Private-Sector Jobs Under President Clinton and Vice President Gore
The American Economy Has Created Over 22 Million Jobs Since January 1993, With More than 20 Million Created in the Private Sector. In 1992, when Bill Clinton was elected President, the American economy was barely creating jobs, wages were stagnant, and the unemployment rate was 7.5 percent. President Clinton's bold, three-part economic strategy has focused on three objectives: fiscal discipline, investing in education, health care, science and technology, and opening foreign markets. This strategy has contributed to the longest economic expansion in U.S. history.
- 22.1 Million New Jobs Created Under the Clinton-Gore Administration. Since January 1993, the economy has added 22.1 million new jobs. That's the most jobs ever created under a single Administration – and more new jobs than Presidents Reagan and Bush created during their three terms. Under President Clinton, the economy has added an average of 248,000 jobs per month, the highest of any President on record. This compares to 52,000 per month under President Bush and 167,000 per month under President Reagan.
- 20.0 Million of the New Jobs Have Been Created in the Private Sector – That is 92 Percent of the New Jobs. Since President Clinton and Vice President Gore took office, the private sector of the economy has added 20.0 million new jobs.
- 225,000 private jobs created per month, the fastest rate of any President on record.
- 92 percent of the total new jobs (excluding temporary Census workers) were created in the private sector – the highest percentage since Harry S. Truman was President and presiding over the post-World War II demobilization.
- The Unemployment Rate Was 4.0 Percent in June – Nearly the Lowest in More Than Three Decades. The unemployment rate fell to 4.0 percent in June, nearly the lowest in more than three decades. The unemployment rate has remained below 5 percent for 36 months in a row – three full years. For women the unemployment rate was 4.1 percent – nearly the lowest since 1953.
- African American and Hispanic Unemployment Rates Are the Lowest on Record. The unemployment rate for African Americans has fallen from 14.2 percent in 1992 to an average of 7.7 percent in the first half of 2000 – the lowest rate on record. Unemployment for Hispanics has fallen from 11.6 percent in 1992 to an average of 5.7 percent in the first half of 2000 – the lowest rate on record.
- Most Rapid Growth in Construction Jobs In 50 Years. After losing 662,000 jobs in construction during the previous four years, 2.2 million new construction jobs have been added during the Clinton-Gore years – that's a faster annual rate (5.4 percent) than any other Administration since Harry S. Truman was President.
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