[Weekly Compilation of Presidential Documents Volume 33, Number 3 (Monday, January 20, 1997)]
[Page 47]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on the National Economy

January 14, 1997

    Today's Consumer Price Index report makes clear that 1996 was an 
exceptional year for the economy in terms of low inflation and low 
unemployment. Indeed, the report confirms that the combined rate of 
unemployment and inflation, the so-called Misery Index, was lower in 
1996 than in any year since 1968. We also learned that in the last 3 
years we have had stronger real average hourly wage growth than during 
any 3-year period in nearly two decades (1976-1978). Moreover, the core 
inflation rate in 1996 was as low as any year since 1965.
    This is good news for the American people and more evidence that our 
economic strategy is working. Now is the time to work together in a 
bipartisan fashion and build on our success. That's why we will continue 
our efforts to reduce the deficit to zero, expand trade, and increase 
educational opportunities.