Winston-Salem (North Carolina), Nov 08: US President George W Bush today welcomed a surprise drop in unemployment, crediting the two huge tax cuts he drove through Congress and saying that they must now be made permanent. "We've had some good news recently about our economy, but we won't rest until everybody who wants to work can find a job," he told a cheering audience at a fundraiser for his 2004 reelection bid.

"We will continue to try to create an environment of job creation and job growth by enhancing the entrepreneurial spirit of America," said Bush, who was to attend a discuss on job training at a local technical college.

Bush's hopes for a second four-year term got a boost earlier as the government reported that the US labour market crunch crumbled in October as the surging economy churned out 126,000 jobs -- twice as many as had been expected -- and the unemployment rate fell to 6.0 per cent.
It was the clearest sign yet that the years of lengthening jobless queues may be over as businesses gear up in an economy that shot to a 19-year record growth rate of 7.2 per cent in the third quarter.

Opposition democrats have seized on the fact that the US economy has shed some 2.8 million jobs since bush took office in 2001 even as the federal budge deficit has soared in a bid to thwart his reelection effort.


The US leader has repeatedly said that his 10-year tax cuts were the right medicine for the economy and often pushes for those reductions to be made permanent
Bureau Report