As of this January, Donald Trump has been the president of the U.S. for three years. With three years now behind him, how is our economy doing? During the last few days, we have been sharing the trends from three areas of the U.S economy: The stock market, manufacturing, and unemployment. This article is the last of three and will discuss the unemployment rate.
U.S. Unemployment Rate Falls to 50-Year Low
Unemployment continued to fall after Trump came to office, with economists stating that the continued decline is particularly impressive since the rate is the lowest it has been since May 1969—over 50 years ago.
According to former Trump chief economic advisors, the Congressional Budget Office forecast the creation of only two million jobs when Trump took office, however, the economy has exceeded the predictions and created seven million jobs.
The Bureau of Labor Statistics’ (BLS) monthly Employment Situation Report showed robust employment growth, with job gains that are particularly noteworthy considering that the United States has been in the midst of the longest economic recovery in its history.
The Trump Administration’s pro-growth agenda provides job creators with the framework they need to expand their businesses and offer more opportunities for workers. The steady job growth in combination with sustained year-over-year wage increases are not only positive signs for the economy, but they also improve workers’ quality of life and incentivize previously left-behind Americans to join the labor force.
With a 50-year low for the unemployment rate and consistent job gains, it is clear that the American labor market remains historically strong.
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