John W. Snow on May Employment Report

Statement of Treasury Secretary John W. Snow on May Employment Report

Today's labor market report shows that the economy keeps moving in the right direction. The unemployment rate has dropped to 5.1%, the lowest since September 2001, and 78,000 jobs were created in May. The number of payroll jobs is up by 3.5 million in the past two years and up by 900,000 in the past five months.

In these numbers we see the results of the President's commitment to low taxes and economic growth. The underlying fundamentals of the economy are strong, with last week's GDP report showing 3.5 percent real growth and much higher wages and salaries than previously estimated. In this environment, it is no wonder that the federal budget outlook is also showing improvement.

President Bush is committed to keeping the economy on the path of healthy growth by making his tax cuts permanent, reducing the burden of frivolous lawsuits, passing a national energy policy, and strengthening Social Security.

SOURCE: treas.gov/ FROM THE OFFICE OF PUBLIC AFFAIRS June 3, 2005 JS-2483