President Donald Trump’s economy added 266,000 jobs in November, defying market projections that businesses would create 185,000 jobs last month. November’s explosive job creation marks 7 million jobs added since Trump was elected.
In 33 of the past 36 months since Trump was elected, businesses have added more than 100,000 jobs a month.
Today’s Bureau of Labor Statistics report shows that goods-producing employment (mining and logging, construction, manufacturing) saw an increase of 48,000 jobs in November, and service jobs saw an increase of 206,000. Since Trump was elected, the construction industry has created 713,000 jobs.
Wages also continue to climb. Over the past year, average hourly earnings for American workers have increased by 3.1 percent. October is the 16th consecutive month that wages have grown above 3 percent –– prior to this streak, wages had not reached 3 percent growth during the previous 10 years. Workers are also experiencing higher wage growth than managers.
The unemployment rate has decreased to 3.5 percent, marking a 50-year low. November was the 21st consecutive month that the unemployment rate has been at or below 4 percent, the longest streak in almost 50 years.
The strong November 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.
Just in time for Christmas, tax cuts and deregulation championed by the Trump Administration is continuing to deliver a prosperous economy for all Americans.