President Donald Trump’s economy added 128,000 jobs in October, easily beating industry expectations and showing that the Trump economic agenda continues to work for American workers.
The Trump economy continued adding jobs at a record pace last month despite outside factors like the GM auto strike. This jobs report shattered industry expectations, as some economists estimated that the economy would only add 75,000 jobs in October.
The unemployment rate rose slightly to 3.6 percent, a near-record 50 year low, and unemployment for African-Americans decreased by 0.1 percent. The labor force participation rate increased to 63.3 percent, meaning that the labor force has increased by over one million Americans in 2019.
Wages also continued to grow, rising by 0.1 percent for a year-over-year 3 percent gain.
The October jobs report also significantly revised reports from the previous few months, showing the resilience of the Trump economy. Jobs created in August rose from the reported 168,000 to 219,000. Jobs created in September rose from the reported 136,000 to 180,000.
The strong October jobs numbers are continued evidence that the Republican Tax Cuts and Jobs Act is continuing to revitalize the economy nearly two years after Trump signed it into law.
Businesses have responded to the tax cuts by giving employees higher wages and creating new employee benefit programs, while utility companies are passing tax savings onto consumers in the form of lower rates.
Families are also seeing direct tax reduction – a family of four with annual income of $73,000 (median family income) will see a tax cut of more than $2,058, a 58 percent reduction in federal taxes. In net, households are paying an average of 24.9 percent in lower taxes according to a report released by H&R Block based on their clients’ tax returns.
Tax cuts and deregulation championed by the Trump Administration is continuing to deliver a prosperous economy for all Americans.