The Clinton-Gore Economic Record: The Longest Expansion In History And Over 22.4 Million New Jobs
Today, the Bureau of Labor Statistics Released a New Employment Report Showing that Over 22.4 Million Jobs Have Been Created Since January 1993. 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 helped create over 22.4 million jobs and contributed to the longest economic expansion in U.S. history.
- 22.4 Million New Jobs Created Under the Clinton-Gore Administration. Since January 1993, the economy has added 22.4 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 240,000 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.
- 92 Percent -- 20.6 Million -- of the New Jobs Have Been Created in the Private Sector. Since President Clinton and Vice President Gore took office, the private sector of the economy has added 20.6 million new jobs. That is 92 percent of the 22.4 million new jobs -- the highest percentage since Harry S. Truman was President and presiding over the post-World War II demobilization.
- The Unemployment Rate Was 3.9 Percent in October -- Nearly the Lowest in Three Decades. The unemployment rate stayed low at 3.9 percent in October -- nearly the lowest in three decades. The unemployment rate has fallen for seven years in a row. It has remained below 5 percent for 40 months in a row. For women the unemployment rate was 3.9 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 7.3 percent in October 2000 for an average of 7.6 percent in the first ten months of 2000 -- the lowest rate on record. Unemployment for Hispanics has fallen from 11.8 percent in October of 1992 to 5.0 percent in October 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.
- Fastest and Longest Real Wage Growth in Over Three Decades. In the last 12 months, average hourly earnings have increased 4.0 percent. The United States has had five consecutive years of real wage growth -- the longest consecutive increase since the 1960s. Since 1993, real wages are up 6.9 percent, after declining 4.3 percent during the Reagan-Bush years.
- Inflation – Lowest Since the 1960s. Inflation remains relatively stable, with the underlying core rate of inflation at 2.5 percent in the last 12 months -- nearly the lowest rate since 1965. For 1999, the GDP price index grew only 1.5 percent. In the last two years, GDP inflation was lower than at any time since 1963.