Today, women
are uniquely positioned to benefit from the strength of our country's economy,
which is the envy of the world. In 2006, the U.S. economy grew at a remarkable
3.4 percent.
Our country has seen 41 months of job growth,
with more than 7.4 million new jobs created since August 2003. That's more jobs
than the entire European Union and Japan combined have created. In fact, the last
Bureau of Labor Statistics report shows one million more jobs were created in
the past 12 months than have previously been reported. And the national unemployment
rate remains a historic low of 4.6 percent. That's more than a full percentage
point lower than the 5.7 percent unemployment rate of the 1990s.
America's
workers are the most productive of any major industrialized economy. And strong
productivity translates into higher wages and higher standards of living. In 2006,
real wages in the U.S. rose 1.7 percent.
America's workforce
is characterized by our flexibility and mobility. Nearly one-third of America's
workforce of 153 million changes jobs every year, largely to access better opportunities.
Let me emphasize that the majority of people who leave their jobs do so voluntarily,
often because they have found a better job. The average American worker will have
held more than 10 jobs by age 40. Change is the norm in our society, and it's
a tribute to the dynamism of our economy!
Preserving the
dynamism and flexibility of the U.S. economy is vital to remaining competitive
in the worldwide economy. Our country is transitioning to a knowledge-based economy
that places a premium on higher skills and education. So what we are seeing is
not so much a wage gap, as a skills gap. There is an increasing mismatch between
the skills of workers looking for jobs and the skills required by employers who
have jobs to offer. Over the next decade, nearly two-thirds of the new jobs created
in the U.S. will require some kind of post-secondary education. So more than ever
before, education, training and retraining are the keys to future earnings.
Here
are just a few examples of the strong link between earnings and education. Workers
with a bachelor's degree or higher average over $1,300 per week, and have a 2.1
percent unemployment rate. Workers with an associate degree average more than
$800 per week, and have an unemployment rate of 3.8 percent. Workers with a high
school degree average about $700 weekly and have a 4.2 percent unemployment rate.
But workers who drop out of high school average less than $500 per week and have
unemployment rates of about 6.8 percent. So higher education really pays off!
And
women are well-positioned to benefit from this trend. While there are many reasons
why women are succeeding in today's workforce, one of the key reasons is that
we appreciate the importance of education.
Today, American
women complete high school at higher rates than men. They are more likely to enter
and graduate from college than men. In fact, the number of women holding a bachelor's
degree or higher has more than doubled in the past 20 years. And just look at
how far women are advancing in the professions. Recent estimates show that:
- Almost half of all medical school students are women,
- Nearly
38 percent of all MBA students are women,
- And nearly 48 percent
of all law school students are women.
And a look
down the road shows that women are positioning themselves for even greater gains
over the next twenty years. Last year, women comprised more than half of all advanced
degree holders under the age of 40. So it's no surprise that the unemployment
rate for women is slightly lower than men.
Women today are
contributing to our nation's economy in so many ways. Women-owned businesses are
growing at twice the rate of businesses owned by men. And small businesses are
very important to workers and to the U.S. economy. Two-thirds of the new jobs
created in this country in the last decade have been created by small businesses.
And women are playing an increasingly important role in
public life. Over the past six years, President George W. Bush has appointed a
record number of women to high level positions in his Administration, including
five women to his current Cabinet. Today, the U.S. Senate has 16 women and the
U.S. House of Representatives has 71 women. And to date, women have been elected
statewide to executive offices in 49 out of our nation's 50 states. And there
are 1,734 women state legislators.
This Administration
supports many initiatives to help women succeed and balance work and family life.
All of us have something in common, regardless of which position we hold. In any
survey of working women, one of the most sought-after benefits is time: time to
care for a child, or a loved one, or other important family matters. That's why
this Administration supports comp time and flex time. Currently, federal government
workers have the option to choose, on a voluntary basis, comp time instead of
paid annual leave. And flex time is also available. This Administration would
like to extend these options on a voluntarily basis to workers in the private
sector.
And the Labor Department has created other programs
to help women balance work and family life. The Department has a special mentorship
project, Flex-Options for Women,which helps employers create and strengthen workplace
flexibility policies.
Many women also leave the workforce
for extended periods to care for family and then return to the workplace. So the
Department's Working Women in Transition project was created. It assists women
in finding employment, helps them develop strategies to increase their earnings
and identifies education and training opportunities in high growth sectors of
the economy.
As we talk about women in the workplace, let's
not forget that women working at home are making equally important contributions
to our society. And the fact that American women have the option to make this
choice is a positive reflection on our economy, not a negative one. In many countries
in the world, women — and great numbers of children, as well — are forced
to work because they have no other choice.
Women have come
a long way in our society. And the future holds even greater promise, as women
position themselves for success through education and lifelong learning. Americans
are living longer and healthier lives. And after retiring, many Americans are
choosing to re-enter the workplace on a part time basis, or answer the call to
service. So our country offers many opportunities in all phases of life. Whether
it's in the workplace, in the home, or a combination of both, women are key to
making our country stronger and more competitive.
Thank
you for everything you are doing to advance the role of the women in the workplace.
Working together, we can continue to ensure that the doors of opportunity remain
wide open for all.
