The Bureau of Labor Statistics’ December jobs report shows that President Trump’s economy has delivered the lowest unemployment rate in half a century at 3.5 percent. The U-6 rate, a measure encompassing underemployed workers and discouraged job-seekers, fell to an all-time low of 6.7 percent.
The U.S. economy added 145,000 jobs in December, showing that the Trump economic agenda of tax cuts and regulatory relief is still working for American workers. Businesses have created over 7 million jobs since Trump was elected.
In 34 of the past 37 months since Trump was elected, businesses have added more than 100,000 jobs a month. 734,000 construction jobs and 514,000 manufacturing jobs have been created since Trump was elected.
Wages continued to climb in December. For production and non-supervisory workers, wages increased by 3 percent, continuing a 17-month trend. Wage growth for workers now outpaces wage growth for managers, and wage growth for those without a four-year college degree now outpaces wage growth for those with a four-year college degree.
The labor force participation rate also held steady at 63.5 percent, and the total employment level rose to 158.8 million, a record-high. The underemployment rate, a measure encompassing undermployed Americans and discouraged job-seekers, fell to a record low of 6.7 percent.
The stock market is also booming. When Trump was elected, the Dow Jones Industrial Average was at 18,000. The Dow has now hit 29,000 for the first time.
The solid December jobs numbers are continued evidence that the Republican Tax Cuts and Jobs Act is continuing to grow the economy 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 are continuing to deliver a strong economy for all Americans.