THE WHITE HOUSE

Office of the Press Secretary

STATEMENT BY THE PRESIDENT

Today's Consumer Price Index report makes clear that 1996 was an exceptional year for the economy in terms of low inflation and low unemployment. Indeed, the report confirms that the combined rate of unemployment and inflation -- the so-called Misery Index -- was lower in 1996 than in any year since 1968. We also learned that in the last three years we have had stronger real average hourly wage growth than during any three year period in nearly two decades. (1976-1978) Moreover, the core inflation rate in 1996 was as low as any year since 1965.

This is good news for the American people and more evidence that our economic strategy is working. Now is the time to work together in a bipartisan fashion and build on our success. That's why we will continue our efforts to reduce the deficit to zero, expand trade and increase educational opportunities.

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