April 30, 1998

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April 30, 1998: Strong Economic Growth, Rising Wages and Low Inflation

PRESIDENT CLINTON:
STRONG ECONOMIC GROWTH, RISING WAGES AND LOW INFLATION

" Our strong economy is the product of the hard work, creativity and innovative spirit of the American people. And it is also the fruit of the comprehensive economic strategy we put in place in 1993 -- an economic strategy for the Information Age."

- President Bill Clinton
April 3, 1998

Today, President Clinton announces new Gross Domestic Product (GDP) and Employment Cost Index (ECI) data that show the American economy continuing to enjoy strong growth, rising wages and low inflation.

The Strongest Economy In A Generation. President Clinton's three-part economic strategy -- balancing the budget, investing in our people, opening new markets to American goods and services -- is working for America's families. Since 1993 it has helped bring about:

Strong economic growth. In the first quarter of 1998, the economy grew at a strong annual rate of 4.2 percent -- the sixth consecutive quarter in which growth exceeded 3 percent;

The first investment-led expansion in three decades. In the first quarter of 1998, investment in business equipment rose 28.8 percent at an annual rate. For the first time on record, business investment has grown at double-digit rates for five years in a row;

The first balanced budget in a generation. The President's FY99 budget will be the first balanced budget in a generation, after inheriting a record $290 billion deficit in 1992.

The lowest unemployment level in more than 25 years. In 1992, the unemployment rate was 7.5 percent. In the first quarter, the unemployment rate was 4.7 percent -- its lowest level since 1970;

Almost 15 million new jobs. Since President Clinton took office, the economy has added nearly 15 million new jobs -- with nearly two million new jobs in manufacturing and construction combined;

An increase in family income of nearly $2,200. Real wages are rising at their fastest pace in 20 years and the typical family's income is up nearly $2,200 since 1993, when adjusted for inflation;

The highest consumer confidence level in 30 years. In the first quarter of 1998, consumer confidence rose to is highest quarterly level since 1969.

The Lowest Inflation Since 1964. Over the past year, inflation rose just 1.4% -- the smallest increase in 34 years.