WHAT: Last month, the economy added 164,000 new jobs as the unemployment rate fell to 3.9 percent, cracking 4 percent for the first time since 2000.
On Friday, the Bureau of Labor Statistics announced that the American economy added 164,000 jobs in April. America’s workers saw new jobs in a variety of key sectors, including manufacturing (24,000 jobs added), construction (17,000), and mining and logging (8,000). With this news, the economy has averaged 200,000 new jobs per month in 2018, and the monthly average this year is higher than the last two years.
The national unemployment rate fell to 3.9 percent, the first time it has fallen below 4 percent since the year 2000 and well below the pre-recession average of 5.3 percent. For the second time under President Trump, the African American unemployment rate hit the lowest level ever recorded, falling to 6.6 percent. The unemployment rate for adult women fell to 3.5 percent, its lowest level in more than 17 years. Importantly, the “U-6” unemployment rate, which includes discouraged workers, marginally-attached workers, and those who are working part-time for economic reasons fell to 7.8 percent, the lowest level since July 2001.
WHY: President Donald J. Trump’s historic tax cuts, deregulation, and pro-growth policies are creating jobs and restoring confidence in America’s economy.
After eight years of slow economic growth, America’s economy has grown by 2.9 percent over the last four quarters, on its way to meeting President Trump’s goal of 3 percent economic growth. More than 3.1 million jobs have been created since President Trump was elected, including 316,000 new manufacturing jobs and 363,000 new construction jobs. Americans are getting back to work as weekly unemployment insurance claims are hovering at their lowest levels in over 45 years, and more than 2.6 million Americans have stopped collecting food stamps since the start of the Trump Administration. 15 states have hit record-low unemployment rates since the President took office.
Due to the President’s tax cuts and reforms, more than 5 million Americans are receiving bonuses, retirement account contributions, higher pay, and other new benefits; businesses are announcing new investments in America and its workers; and public utilities are cutting their bills and passing on savings to consumers and families. With all the good news, confidence is soaring. According to the Conference Board, consumer confidence is near an 18-year high.