The economy was pretty sick when we came into office, and as the doctor on the case I'm pleased to report that the patient is not only out of bed but back on the job. And we couldn't do it just by saying take two aspirins and get a good night's sleep. Inflation, which was running in double digits when George Bush and I were inaugurated, has dropped to 2.4 percent for the last 12 months, and that's the lowest annual 12-month rate in more than a decade and a half. And that translates into renewed consumer confidence and strong demand for your products and services. The prime interest rate is about half what it was.
Personal income is up, and so are auto sales, factory orders, retail sales, and housing starts.
Since August a year ago, the stock market has gone up over 400 points, providing business with a rich flow of capital. You may remember Will Rogers' advice about the stock market. Well, these days people are having a lot less trouble with stocks that don't go up. Unemployment is still too high, but it's begun to drop and, as business continues to expand, it'll drop still further. You and other businesswomen helped create and shape this recovery.