January 8, 1999



PRESIDENT CLINTON AND VICE PRESIDENT GORE:
THE LONGEST PERIOD OF PEACETIME ECONOMIC EXPANSION IN AMERICAN HISTORY
UNEMPLOYMENT AT A 29 YEAR LOW

We can now say with confidence that our peacetime economic expansion is the longest in history. And it is different than most past expansions. This time, the expansion is inclusive, not exclusive. This time, our prosperity belongs to the many, not merely to the few. This time, a rising tide truly does lift all boats.

President Bill Clinton
January 8, 1999

Today, President Clinton will address the Detroit Economic Club, where he will announce that unemployment dropped to 4.3 percent in December, the lowest it has been in nearly 30 years and that the American economy is now in its 93rd consecutive month of peacetime expansion, an all-time record.

The Clinton-Gore Administration Has Helped Create Nearly 18 Million New Jobs. Five years ago, President Clinton and Vice President Gore put in place a bold three-part economic strategy to: (1) cut the deficit, help reduce interest rates, and spur business investment; (2) invest in education, health care, and technology so that America was prepared to meet the challenges of the 21st Century; and (3) open markets abroad so that American workers would have a fair chance to compete and win across the globe. Under the economic leadership of President Clinton and Vice President Gore:

The Longest Peacetime Economic Expansion In American History. The President's Council on Economic Advisors (CEA) now believes that December will mark the 93rd consecutive month of economic expansion, making it the longest peacetime expansion in American history. Today's CEA report shows that our current growth is more sound and helping more people than prior expansions:

Council of Economic Advisers Report:
Latest Jobs Report Indicates That the Current Expansion Has Achieved Record Length



January 8, 1999


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