THE CLINTON-GORE ECONOMIC RECORD:
THE LONGEST ECONOMIC EXPANSION IN HISTORY
February 4, 2000
THE NEW JOBS REPORT SHOWS THAT AMERICA IS ENTERING THE 107th MONTH OF
THE STRONGEST ECONOMIC EXPANSION. 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. His bold,
three-part economic strategy focused on three objectives: fiscal
discipline, investing in education, health care, science and technology,
and opening foreign markets. This strategy has helped foster the
conditions for what is now the longest expansion in U.S. history.
20.8 Million New Jobs Created Under the Clinton-Gore
Administration. Since 1993, the economy has added 20.8 million new
jobs. That'- 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.
92 Percent -- 19.2 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 19.2 million
new jobs. That is 92 percent of the 20.8 million new jobs -- the
highest percentage since Harry S. Truman was President and presiding
over the post-World War II demobilization.
The Unemployment Rate Fell to 4.0 Percent in January -- the Lowest
in Three Decades. The unemployment rate fell to 4.0 percent in
January -- the lowest in three decades. The unemployment rate has
fallen for seven years in a row. It has remained below 5 percent for
31 months in a row. For women the unemployment rate was 4.2 percent --
staying at the lowest since 1953.
African American and Hispanic Unemployment Rates Were the Lowest on
Record . The unemployment rate for African Americans has fallen from
14.2 percent in 1992 to 8.2 percent in January 2000 -- remaining at the
lowest rate on record. Unemployment for Hispanics has fallen from 11.6
percent in 1992 to 5.6 percent in January 2000 -- remaining at 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, 2.0 million
new construction jobs have been added during the Clinton-Gore years --
that?s a faster annual rate (5.3 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 3.7 percent --
faster than the rate of inflation. 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 6.6 percent,
after declining 4.3 percent during the Reagan and Bush years.
Inflation -- Lowest Since the 1960s. Inflation remains virtually
non-existent, with the underlying core rate of inflation at 1.9 percent
in 1999 -- the lowest rate since 1965. For 1999, the GDP price index
grew only 1.4 percent. In the last two years, GDP inflation was lower
than at any time since 1963.