Jobs Report: Trump Tax Cuts + Deregulation = JOBS!

Posted by Olivia Grady on Friday, December 6th, 2019 at 5:02 pm - Permalink

Today, the Bureau of Labor Statistics reported in its monthly Employment Situation Summary that total nonfarm payroll employment rose by 266,000 in November. 

Employment increased in a number of fields, including in health care, professional and technical services, and manufacturing. Employment most particularly increased in manufacturing because striking General Motors employees returned to work.

In its own article on the jobs report, the Council of Economic Advisers added:

“November’s impressive gain greatly exceeded median market expectations by 44 percent and brought 2019’s average monthly job creation to 180,000. Since President Trump’s election, the economy has added more than 7 million jobs—5.1 million more jobs than the Congressional Budget Office projected in its final forecast before the 2016 election.”

Some other goods news is that the unemployment rate is once again at 3.5%. Prior to the Trump administration, the unemployment rate had not been this low since 1969. Further, this is the 21st consecutive month of an unemployment rate at or below 4%. 

Average hourly earnings for all employees on private nonfarm payrolls also increased by 7 cents to $28.99. Over the past year, earnings have increased by 3.1%.

U.S. Secretary of Labor Eugene Scalia noted in his November jobs statement: "Year-over-year wages have grown at or above 3.0% for 16 straight months. It is encouraging to see sectors like retail and leisure and hospitality leading wage growth.“

This month’s numbers also showed how much the Trump economy is helping those in need. For example, the number of people who are marginally attached to the workforce is down 432,000 from a year ago. These individuals want work, but they have not looked for work in the last month. Further, the number of discouraged workers is down by 128,000 from a year earlier. These workers have stopped looking for work because they don’t believe there are jobs available for them.

In addition, unemployment rates for African Americans, Hispanics, Asians, those with disabilities and those without a high school degree have all reached series-low unemployment rates. 

Finally, the jobs numbers for September and October were revised up. September jobs numbers were revised up by 13,000 to 193,000, and October numbers were revised up by 28,000 to 156,000. This is a combined additional 41,000 jobs.

Thanks to the Trump administration for a wonderful way to start the Holiday season!