The National Economy White House Statement on Recent Economic Data.

It's gratifying to have two pieces of good economic news.

The President is pleased that two rates have fallen—the producer price index and unemployment.

The producer price index declined in September for both food and other items. End-of-the-model-year rebates on autos and trucks—collected for the first time by the Bureau of Labor Statistics in its efforts to improve the index—were an important factor. But even if we were to exclude this new factor, the rise in wholesale prices would be quite small.

While the inflation rate does tend to fluctuate from month to month, the trend in recent months has clearly been downward.

The unemployment rate, meanwhile, has fallen for the second straight month. The rise in total hours worked, especially noticeable in construction and manufacturing, indicates a basic improvement in the economic situation.

The fight against inflation is far from over, and the economic recovery is still in its early stages. But the President believes that today's economic data, and those of the last several months, indicate that his economic policies are working and provide the basis for a healthy and noninflationary recovery.