MR. LISAIUS: Good afternoon, everyone. It's Ken Lisaius with the White House Press Office. Welcome to our on-the-record conference call briefing on the administration's updated economic forecast. Today's numbers reflect a joint effort on the part of the Council of Economic Advisers, the Office of Management and Budget, and the Department of Treasury. At this point I'm going to turn the call over to the Chairman of the President's Council of Economic Advisers, Dr. Edward Lazear. DR. LAZEAR: Thanks very much. Today we're releasing an update of the administration's economic forecast. We produce an economic forecast twice a year. This version will be an input into the mid-session review of the budget, but the economic forecast doesn't include any revenue or budget numbers. Those numbers will be released in the mid-session review in July. The forecast includes the key economic indicators needed for an understanding of the nation's economic outlook and for forming the federal budget, such as GDP and the unemployment rate. Today's forecast looks much like the one released six months ago. The economy grew at an impressive 5.3 percent annualized rate in the first quarter of this year. It also appears that the economic strength is broadening, with stronger growth in business investment and exports. The economy has added nearly 2 million jobs in the past year, and more than 5.3 million jobs since August of 2003. Today's updated forecast reflects faster-than-expected economic growth in the beginning of 2006, with the growth projected to moderate somewhat in the future, and then remain at a robust pace. We're forecasting for 2006 3.6 percent real GDP growth, which is above the historic average, about 156,000 more payroll jobs per month, which is about the historic average, and a low unemployment rate of 4.7 percent, which is below the historic average. This economic growth is largely due to the hard work of the American people, coupled with the President's low tax and pro-growth policies. Thanks very much, and I'd be happy to take your questions.

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