American
Business
Conference A Coalition of Growth Companies
| For Immediate Release: |
|
Contact: John Endean |
| June 4, 2004 |
|
(202) 822-9300 |
Business Group Applauds Latest Employment Data
The members of the American Business Conference (ABC), CEOs of fast-growing, midsize American companies, today welcomed the news from the Bureau of Labor Statistics (BLS) that nonfarm payrolls rose by 248,000 jobs in May. Commenting on the BLS report, John Endean, ABC's president said:
"The payroll growth in May, coming after strong job growth in April and March, should demonstrate to the satisfaction of all but the professionally gloomy that the American private sector is in the midst of a very healthy expansion. We see this in today's numbers as well as in yesterday's report from the Labor Department showing that nonfarm labor productivity grew at an astounding 3.5 percent in the first quarter of this year.
"It's time to keep this ball rolling. Congress can help. A number of important trade deals to open foreign markets to American goods and services are awaiting Congressional action. That action should be swift and positive. Legislation to forestall the European Union's punitive tariffs on American exports remains stuck on the Hill. It should be unstuck. Class action reform has garnered strong bipartisan support. It is time to pass it and bring a measure of sanity to our civil justice system. The FASB seems intent on making the distribution of stock options to employees more difficult and expensive for growth companies. Congress should be telling the FASB to think again. Tax relief for new business investment is expiring. It should be extended.
"In short today's strong employment numbers should be savored. And after that, the data should serve as a spur to action to keep the job machine humming."
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