The U.S. Department of Labor’s Bureau of Labor Statistics released its monthly U.S. Job Market report today. The report shows that the U.S. Economy created a stronger than expected 207,000 jobs in July, and the unemployment rate held steady at the 2-3/4-year low of 5 percent reached in June. In response to the strong report, Representative Chris Smith (R-NJ) issued the following statement: 

    “The jobs report released today shows that most Americans seeking employment are finding it,” said Smith, who represents New Jersey’s Fourth District. “More Americans are working today than ever before in our nation’s history and our economy continues to roll. It is becoming clear that the Republican economic strategy of tax cuts and allowing Americans to keep more of their hard earned dollars has created an environment conducive to continued growth.”

    Smith also noted that June’s state-by-state jobs report revealed that job growth in New Jersey was well above the national level. Since June of 2004, New Jersey has added nearly 53,000 jobs. In addition, New Jersey’s unemployment has dropped dramatically since June of 2004 – when it stood at 4.8 – to 4 percent.

    “Today’s report continues to bring good news to families and jobs seekers in both New Jersey and the United States,” said Smith, who represents New Jersey’s Fourth District. “I will continue to support those policies that will grow the economy and increase employment opportunities.”

    In addition to strong job growth, the U.S. economy is showing other signs of continued expansion:

• In 2004, real GDP grew 4.4 percent – the strongest annual performance in 5 years and one of the strongest growth performances of the past 20 years.
  
• Manufacturing industrial production is up 3.8 percent over the past year and by 9.2 percent over the past 2 years.
  
• Housing starts and building permits recently have been running at their highest sustained levels in two decades – at a pace of around 2 million new housing units per year.
  
• The homeownership rate has recently hit at a record high at over 69 percent.
  
• Household net worth is at a record high level, and is up nearly 11 percent over the past year – including a 15 percent increase in the value of household real estate.