The president, however, said March's job total was the highest in four years, and noted that the unemployment rate has fallen from 6.3 percent in June 2003 to 5.7 percent last month -- although last month's total was up from 5.6 percent in February.

CNN: Bush, Kerry present differing takes on economy

Unemployment stands at 5%, down from a high of 6.3% in June 2003, but much of the early improvement came from workers leaving the labour force, rather than job creation.

ECONOMIST: Greenspan’s last words? | The

On October 2, 2001 the Greenspan Fed cut the funds rate 50 basis points to 2.5% and continued cutting the rate to 1.0% on June 25, 2003 on fears of Deflation.

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