Bush Says Jobs Data Shows Economy Gaining Steam
Sat Apr 3,11:12 AM ET
By Caren Bohan
WASHINGTON (Reuters) - President Bush said on Saturday buoyant job growth in March showed the U.S. economy was gaining steam, as he brushed off Democratic criticism of his overall record on employment.
"Our economy's momentum is building," Bush said in his weekly radio address. "Inflation is low. And interest rates and mortgage rates are near historic lows. Manufacturing activity is high."
The president pointed to news that the U.S. economy churned out 308,000 new jobs in March as "powerful confirmation" that the economy is strengthening.
The March job gain was the biggest since April 2000. The report also showed stronger job growth over January and February than had previously been estimated. However, the unemployment rate rose slightly in March to 5.7 percent from 5.6 percent in February.
Massachusetts Sen. John Kerry (news - web sites), the presumptive Democratic nominee to challenge Bush for the White House in November, has taken aim at the president's broader record on jobs, calling it "the worst job recovery since the Great Depression."
The number of jobs lost under Bush's watch was scaled back by the March report but still totals 1.8 million.
Bush, in his radio address, pointed to struggles the economy has faced, such as the 2001 recession, the Sept. 11, 2001 attacks and corporate scandals.
He attributed the improvement to his tax cuts. But Democrats have blamed the tax cuts for ushering in record budget deficits.
Kerry has proposed scaling back the tax cuts for the wealthy but maintaining them for those making less than $200,000 per year.
One mixed blessing for Bush is that the stronger jobs growth was seen on Wall Street as boosting the prospect for an interest-rate increase by the Federal Reserve possibly within a few months.
Another looming concern is the jump in energy prices, especially gasoline, which has irked consumers as the summer driving season approaches.
The jobs report, released on Friday, shifted the election debate to the topic of the economy after it had been dominated for days by foreign policy issues.
While campaigning in the election swing state of West Virginia after the numbers were released, Bush appeared noticeably upbeat.
Bush has been pressured by new worries that have arisen about the U.S. strategy in Iraq (news - web sites) after the murders and grisly mutilations of four Americans in Falluja.
Also posing difficulties for Bush were accusations from a former aide, Richard Clarke, who charged Bush was not attentive enough to the terrorist threat prior to the Sept. 11 attacks.
Sat Apr 3,11:12 AM ET
By Caren Bohan
WASHINGTON (Reuters) - President Bush said on Saturday buoyant job growth in March showed the U.S. economy was gaining steam, as he brushed off Democratic criticism of his overall record on employment.
"Our economy's momentum is building," Bush said in his weekly radio address. "Inflation is low. And interest rates and mortgage rates are near historic lows. Manufacturing activity is high."
The president pointed to news that the U.S. economy churned out 308,000 new jobs in March as "powerful confirmation" that the economy is strengthening.
The March job gain was the biggest since April 2000. The report also showed stronger job growth over January and February than had previously been estimated. However, the unemployment rate rose slightly in March to 5.7 percent from 5.6 percent in February.
Massachusetts Sen. John Kerry (news - web sites), the presumptive Democratic nominee to challenge Bush for the White House in November, has taken aim at the president's broader record on jobs, calling it "the worst job recovery since the Great Depression."
The number of jobs lost under Bush's watch was scaled back by the March report but still totals 1.8 million.
Bush, in his radio address, pointed to struggles the economy has faced, such as the 2001 recession, the Sept. 11, 2001 attacks and corporate scandals.
He attributed the improvement to his tax cuts. But Democrats have blamed the tax cuts for ushering in record budget deficits.
Kerry has proposed scaling back the tax cuts for the wealthy but maintaining them for those making less than $200,000 per year.
One mixed blessing for Bush is that the stronger jobs growth was seen on Wall Street as boosting the prospect for an interest-rate increase by the Federal Reserve possibly within a few months.
Another looming concern is the jump in energy prices, especially gasoline, which has irked consumers as the summer driving season approaches.
The jobs report, released on Friday, shifted the election debate to the topic of the economy after it had been dominated for days by foreign policy issues.
While campaigning in the election swing state of West Virginia after the numbers were released, Bush appeared noticeably upbeat.
Bush has been pressured by new worries that have arisen about the U.S. strategy in Iraq (news - web sites) after the murders and grisly mutilations of four Americans in Falluja.
Also posing difficulties for Bush were accusations from a former aide, Richard Clarke, who charged Bush was not attentive enough to the terrorist threat prior to the Sept. 11 attacks.
