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Remarks Delivered by
U.S. Secretary of Labor Elaine L. Chao
Sweet Briar College Commencement
Sweet Briar, Virginia
Saturday, May 12, 2007
Thank you, President Muhlenfeld [Dr. Elisabeth "Betsy" Showalter Muhlenfeld, President, Sweet Briar College].
President Muhlenfeld, Dr. Collier, faculty, administration staff, parents, and graduating seniors:
Prior to coming to your beautiful campus, I've heard a lot about your school from several of your faithful supporters:
Suzanna Knouse, Class of 2005
Michaela English
Dr. Barbara Perry
And two fellow Kentuckians, Barbara Young and Samantha Leake, who's graduating today.
So it's great to finally be on campus!
To the President, Board of Directors, faculty and Administration: thank you for nurturing and cultivating our next generation of leaders.
To the parents in the audience, let me be the first to welcome your daughters to America's workforce.
To the graduating seniors — congratulations, and I've got good news for you.
The Class of 2007 is about to enter the best job market in years!
According to a survey conducted by the National Association of Colleges and Employers:
- Employers plan to hire 19 percent more graduates from the class of 2007 than from the class of 2006, making it the strongest job market since 2000-2001;
- Nearly 60 percent of surveyed employers planned to increase hiring;
- Also, starting salaries are expected to rise 4.6 percent this year.
The strength of the job market is a reflection of the health and resilience of our economy. Despite rising energy prices and a bumpy housing market, the fundamentals of our economy remain positive. Job growth is healthy and wages are rising.
Our country's unemployment rate remains low at 4.5 percent. That's more than a full percentage point lower than the average 5.7 percent unemployment rate of the 1990s. You can contrast this with Europe, where two countries, in particular — France and Germany — have unemployment rates near 9 percent and 7 percent, respectively. And their long-term unemployment is three times higher than the United States.
Our economy has created 7.9 million net new jobs since August 2003. That's more jobs than Eurozone countries and Japan combined have created.
America's workers are among the most productive of any major industrialized economy. And productivity growth in recent years is translating into higher wages and a higher standard of living. By most any measure, people today have more money in their pockets. Real per capita disposable income since January 2001 has risen 10.4 percent. And earnings for workers grew 3.7 percent over the 12 months ending in March. This translates into an extra $2,179 for a typical family of four with two wage earners.
America's workforce is also characterized by its flexibility and mobility. And that's great news for graduates, because it means there are more ways to realize your dreams than ever before. You don't have to settle on what you want to do right away. Our economy provides many opportunities to try different things, until you find the path you want to take. But you have taken an important first step on the road to a bright future by graduating from college.
Our country is evolving into a knowledge based-economy. And two-thirds of all the new jobs being created require post-secondary education. These jobs require more creativity and critical thinking. And workers with more knowledge, skills, and creativity are in much greater demand. So their wages are rising much more quickly than others.
Over the next decade, our country will need 3.4 million healthcare professionals, including 1.2 million registered nurses. We need 900,000 engineers. We also need workers in other high growth industries including nanotechnology, geospatial technology, and the life sciences, to name a few.
Providing a higher skilled, more educated workforce is clearly the future of our country in the worldwide economy. And the worldwide economy is nothing to be afraid of! Our free society rewards hard work, creativity, risk taking, and individual initiative. Those are unique qualities. They comprise our country's strongest competitive advantage in the world.
As a class of graduating women, let me also note that the future of women in the workplace is especially encouraging. Women are uniquely positioned to benefit from the strength of our country's economy because they are accessing higher education is such great numbers.
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.
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 for men.
And let's not forget the tremendous contributions that women entrepreneurs are making to our country. Women-owned businesses are growing at twice the national rate. That's so important to our economy because the majority of new jobs are being created by small and medium-sized firms.
Women are playing an increasingly important role in public life, as well. 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 74 women. And 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.
So women are a significant part of the economic strength of our country. Our voices are being heard everywhere, including the highest levels of government.
As each of you begins your career, remember to contribute to your community. In 2006, more than 61 million Americans were volunteers, helping to improve their communities. America is characterized by a national tradition of giving. In fact, in the early 1800s, a visiting Frenchman touring a young America, Alexis de Tocqueville, noted the unique American phenomenon of citizens forming voluntary associations outside of government to address community issues.
Whatever you choose to do, love what you are doing. Because if you are passionate about what you do, there will be no limit to what you can achieve.
And remember that education never ends. Today, each of you will receive your degrees. But it should not be the end of your studies. Life-long learning is so important, both for personal growth and professional success. We should never stop being students!
You know, at the beginning of my career, my family could never have dreamed that I would be where I am today. As a young immigrant to this country, I spoke no English, and my family and I had very modest expectations. The early years were difficult, as we transitioned to a new culture, a new language, and a new country.
We were sustained by the love of my parents, their determination to build a better life, and their faith in the basic decency of the American people. Our lifelines to mainstream America included church and community organizations. They provided us with the hope that life would get better and that we could survive in our new country.
As former President and CEO of the United Way of America and Director of the Peace Corps, I've traveled throughout the world. Everywhere I went, even to the most remote regions of the world, people knew about America. To so many who've never been to America, it stands for hope and opportunity. We are lucky to live in a country where there are so many opportunities.
Again, congratulations to all of you on this most exciting day!
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