US economic outlook depends on where you stand
AFP, September, 2004
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WASHINGTON (AFP) — The best of times, or the worst of times. The US economy is the strongest in years, or is mired in the deepest employment crisis in decades.
This dichotomy has been highlighted in recent economic data, notably Friday's payrolls report, which showed 144,000 jobs in August while the unemployment rate dipped slightly to 5.4 percent.
The report fueled a heated debate over the state of the economy and the job market going into the Labor Day holiday weekend.
President George W. Bush's administration hailed the latest news as a indicator of economic momentum, while some economists and critics contended it was yet another sign of a sputtering economy that is failing to generate jobs and higher incomes.
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"This Labor Day we really have something to celebrate: 12 straight months of job creation," Labor Secretary Elaine Chao said.
"Thanks to President Bush's steady leadership, this ...
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