From the summary:
The report shows that the American labor market is strong and resilient. Labor market indicators describe an economy that is creating jobs, expanding output, and rewarding work with good compensation. Since job growth began recovering in 2003 from the effects of the last recession, the economy has tallied 46 consecutive months of job gains (through June 2007, the latest data available for this report). Employment has reached record heights. The report also recognizes that, even as our economy grows steadily, there are challenges. The United States and the world are experiencing a major economic transformation. Technology has accelerated the pace of change, and the United States is transitioning to a knowledge-based economy.
The American economy is creating good jobs. The majority of employment growth over the past six years was in occupations with above-average compensation (wages plus benefits). This trend is likely to continue in the future, and most new jobs projected for the future are expected to be filled by persons with some kind of post-secondary education. Education to gain the knowledge and skills that are in demand is the key to success in America’s dynamic labor market.