MINNEAPOLIS—U.S. Commerce Secretary Carlos M. Gutierrez today issued the following statement on two key economic reports released this morning: the February 2007 national employment report and the January 2007 trade in goods and services. These reports show that the economy is strong with 97,000 jobs added in February and exports reaching $126.7 billion in January. Today's jobs numbers show the U.S. economy is on track for continued solid growth. Over the last 42 months, 7.6 million new jobs have been created--two million in the last year alone.
"More jobs, rising wages, low inflation, growing exports and a decreasing trade deficit?that adds up to a good economy. Today's economic reports prove that President Bush's pro-growth polices and trade agenda are exactly what the economy needs to continue to create jobs and thrive in the global market. Open markets and competition are two powerful forces that have helped the U.S. develop the fastest-growing major economy in the world.
"In January, the U.S. economy started strong with export sales of $126.7 billion, an increase of 10.7 percent over January 2006. With greater exports and lower petroleum prices, our trade deficit narrowed to $59.1 billion from $66.5 billion. Exports were at a record high, growing faster in all major goods categories.
"As President Bush is in Latin America this week, today's trade numbers show exports are up in South and Central America , increasing by 22.5 percent to $7.9 billion in January 2007. U.S. exports to the Latin American countries that the President will be visiting have also grown. For example, in January, exports to Brazil were up 57.3%, Colombia up 31.2%, Guatemala up 29.1% and exports to Uruguay were up 13.8%. U.S. exports to the countries that have implemented CAFTA--DR; El Salvador, Guatemala, Honduras and Nicaragua and now the Dominican Republic--were $1.3 billion in January 2007, a 12.2 percent increase over January 2006.
"While today's job report and trade numbers were solid, more still needs to be done to expand export growth and open new markets.
"The President's trade agenda, including passage of Free Trade Agreements with Peru , Colombia and Panama , will further open markets for American products and help level the playing field for farmers, workers, and small businesses. This makes extension of the President's Trade Promotion Authority all the more essential as we move forward." January 2007 Export Fact Sheet (PDF) February Jobs Fact Sheet (PDF)
Source: U.S. Department of Commerce
