October 5, 2007 / 5:29 PM / 10 years ago

Bush: Jobs report shows "vibrant" economy

2 Min Read

<p>People listen as U.S. President George W. Bush speaks about the budget during a trip to Lancaster, Pennsylvania October 3, 2007.Kevin Lamarque</p>

WASHINGTON (Reuters) - President George W. Bush said on Friday the latest employment report showed a "vibrant and strong" economy.

Bush was speaking to reporters after the government reported that U.S. employers added 110,000 new jobs in September, showing a more resilient labor market than previously thought.

"I'm really pleased with the economic news but I don't take good news for granted," Bush said in the Oval Office, reiterating his call for Congress to keep taxes low to promote economic growth.

The surprisingly robust report on monthly hiring outside the farm sector sent bond prices higher and stock futures soaring as investors bet it reduced chances for more cuts in official interest rates by the Federal Reserve any time soon.

The national unemployment rate edged up to 4.7 percent from 4.6 percent in August and was the highest since 4.8 percent in July 2006 as the size of the labor force increased.

The payrolls data and the jobless rate are compiled from separate surveys and it was the jobs number -- especially July and August upward revisions -- that drew analysts' attention.

The department said 89,000 jobs were created in August, rather than the 4,000 that it reported last month were lost. It also said 93,000 jobs were created in July instead of 68,000 it previously reported -- a total of 118,000 more jobs in the July-August period than it had earlier estimated.

"Last month our economy added 110,000 new jobs, and that's good news for people here in our country, indicator that this economy is a vibrant and strong economy," Bush said.

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