October 20, 2006

Record-breaking economic news noted

Crapo cites continued drop in Idaho unemployment in latest reports

Washington, DC - Idaho Senator Mike Crapo said economic figures released today show more Idahoans are working over the past year, and they join other workers throughout the nation who are earning more. Figures released today by the U.S. Bureau of Labor Statistics show record-breaking job creation activity is continuing in Idaho as overall wages are up, gas prices nationwide are down, and the stock market is breaking records weekly. Crapo noted that the 2001 and 2003 tax relief measures saved taxpayers $70 billion, and the resulting economic growth is now sharply reducing the federal budget deficit by bringing in new revenue. "Largely due to the improved economic conditions, Idahoans overall have more money to spend. Our state unemployment rate continues to set records. The September unemployment rate of 3.3 percent has been below 4 percent for an unprecedented 17 straight months and has dropped half a percent over the past year," Crapo said. "Since 1993, our national economy has now created more than 6.6 million jobs in 37 consecutive months of new job creation. More Americans are working now than ever before, and average weekly earnings are up by 4 percent." Crapo also noted the rebound of the stock market as evidence investors are showing confidence in the economy. The Dow Jones Industrial Average closed above 12,000 points this week, marking the ninth time in nearly three weeks that the Dow has achieved a record high close. "Federal tax revenues are surging, and the economy is thriving because of consumer confidence and tax relief provided by Congress and the President," Crapo said. "The federal deficit has shrunk, and we have met our goal of cutting the deficit in half three years ahead of schedule." # # #