The U.S. economy added 263,000 jobs in April and unemployment is at just 3.6 percent, a 50 year low. Wage growth is also strong – average hourly earnings have grown 3.2 percent over the past year.
This latest news, released by the Department of Labor, shows that the Trump tax cuts and Republican regulatory relief are continuing to have positive effects on the U.S. economy.
Unemployment has been at or below 4 percent for the past 14 months, and the economy has added an average of 218,000 jobs per month over the past year.
Key demographics are also seeing record levels of unemployment:
- Unemployment for adult women is at 3.1 percent, a 66 year low.
- Unemployment for Hispanics is at 4.2 percent – the lowest rate since this data was first collected in 1973.
- Unemployment for veterans is at 2.3 percent, a 19 year low.
The labor force participation rate remained steady at 62.8 percent, a stark contrast to the 40-year lows the labor force participation rate hit under the Obama Administration.
This April Jobs report is just the latest proof that the Trump economy is strong.
GDP grew by 3.2 percent in the first quarter of 2019 and has averaged 3 percent quarter-to-quarter growth since the Tax Cuts and Jobs Act was passed 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.
While the Democrats continue to downplay or mislead the American public on the positive economic news, the April jobs report again shows that the economy is strong and that the Republican Tax Cuts and Jobs Act is benefiting the working class with higher wages and more job opportunities.