National Unemployment Figures

Secretary of Labor Robert Reich and Chairman, Council of Economic Advisors Laura Tyson today briefed the media and took questions on employment and personal income growth. The March employment increase of 456,000 jobs reflects “steady, sustainable employment growth” over the last 6 months, with an average of 200,000 jobs a month. Reich and Tyson explained that unemployment is better, but it still remains a problem, especially persistent long-term unemployment. According to the employment report, average hourly earnings increased 0.1 percent in March 1994 and 2.4 percent from March of 1993. In the personal income report, total wages and salaries also increased slightly by 0.2 percent in March 1994. Reich and Tyson explained that the numbers for employment and personal income growth show that the economy is creating jobs “at a good pace, but without the inflationary pressure from the labor market that could ultimately compromise future economic growth.” close