The Trump economy added 313,000 jobs in February, smashing expectations and defying Democrats who said tax reform and regulatory reform would not grow the economy. Trump’s economy has created over 3 million jobs since his inauguration, with The Department of Labor also reporting that average hourly private-sector earnings were up 2.6% from this time last year.
With the economy performing better than analysts forecasted, the stock market is also roaring. The Dow Jones Industrial Average jumped by nearly 200 points after this morning’s announcement, indicating record consumer confidence and a renewed faith in the American economy.
February also saw 155,215,000 Americans employed, a record Trump has shattered eight times since being in office. Real disposable income is the highest since 2015, another gain from the Trump tax cuts.
Unemployment remains level at 4%, marking the 5th month in a row that the unemployment rate is at a 17 year low. Additionally, February was the best month for goods-producing industries in two decades, as 1/3rd of job growth was in mining, logging, construction, and manufacturing. The labor force participation rate has increased by over 800,000 workers, the largest single-month jump in 15 years.
It is no coincidence that the Trump economy has been successful. We have long known that tax cuts create jobs and boost the economy, despite the naysayers in the Democrat party that cried Armageddon when President Trump signed the tax bill into law.
The tax cuts have been a boon to everyday Americans, 90% of whom are seeing more take home pay since the federal withholding tables were adjusted. Tax reform has also lowered utility bills for millions of Americans, and 401k values are on the rise.
ATR’s John Kartch has kept a list of all the benefits from the Trump tax reform bill on our website. So far, over 400 companies have announced pay raises, bonuses, or additional employee benefits because of the tax bill. These benefits have helped over 4 million Americans so far, and more companies are being added to the list each day.