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FOR IMMEDIATE RELEASE

CONTACT OFFICE OF PUBLIC AFFAIRS

Friday, August 3, 2007

202-482-4883

Gutierrez Hails 47th Consecutive Month of Steady Job Growth

CHICAGO—U.S. Commerce Secretary Carlos M. Gutierrez today issued the following statement from the floor of the Chicago Board of Trade on the July Employment Report that showed that 92,000 new jobs were created in July. The nation’s unemployment rate was 4.6 percent.

“We have now had 47 consecutive months of steady job creation—almost 4 full years—fueled by the President’s pro-growth policies. For about a year, unemployment has remained low and steady, around 4.5%—that’s very good. President Bush has presided over an economy that has been resilient in the face of unprecedented challenges and has produced 8.3 million jobs in the past four years alone. In July, consumer confidence rose to highs not seen in almost six years and GDP is growing at 3.4 percent, buoyed by export growth. By encouraging the right conditions for businesses to flourish and create jobs, we’ve seen wages rise, inflation remain low, and economic growth remain strong.

“President Bush’s policies have provided a foundation for job creation by establishing a low-tax, pro-growth environment that encourages innovation, investment and exports.

“In order to continue creating jobs, we must break down barriers to U.S. exports and open new markets for American goods and services. Passage of pending FTAs will increase our rising exports and extend the benefits of open markets to other American businesses. We look forward to working with Congress to pass pending Free Trade Agreements with Colombia, South Korea, Panama and Peru, and extending Trade Promotion Authority. When we break down barriers to trade and investment, we create opportunities for American workers and increase the competitiveness of our economy, which benefits Americans.

“President Bush’s sound fiscal policies have contributed to our economic growth. We must continue to follow the President’s effort to balance the budget, keep taxes low, and restrain spending. We look forward to working with Congress to fund the government responsibly.