- Context
« Early May 2019—The Strong Economy
The White House
May 3, 2019
The rapidly growing economy continues to benefit a wide range of demographic groups. The unemployment rate for adult women (20+) reached 3.1 percent in April, its lowest rate since 1953. The unemployment rate for Hispanics fell to 4.2 percent—the lowest rate since the series began in 1973. The unemployment rate for individuals with only a high school degree fell to 3.5 percent—matching the lowest rate since 2000. The unemployment rate for those with a disability fell to 6.3 percent in April—the lowest rate since the series began in 2008. Additionally, the unemployment rate for veterans fell to 2.3 percent—the lowest rate since the series began in 2000.
The U-6 unemployment rate, a broader measure of unemployment that includes those who are unemployed, marginally attached to the labor force, and working part-time for economic reasons, remained at 7.3 percent in April, matching the lowest U-6 rate since December 2000.
A separate survey from BLS, the Employment Situation Report, showed total nonfarm payroll employment in April rose by 263,000 jobs, far surpassing market expectations (190,000). In total, the economy has added over 5.8 million jobs since President Donald J. Trump was elected. The month of April continued the longest streak of growth on record.
Employment gains have exceeded 100,000 jobs in 27 of the 29 months since the 2016 election. Including revisions for the months of February and March, the average pace of job growth has been a healthy 218,000 jobs per month over the past year and 205,000 jobs per month so far in 2019. Job gains were predominantly concentrated in professional and business services (76,000 new jobs), education and health services (62,000 new jobs), and leisure and hospitality (34,000 new jobs). The construction sector added 33,000 new jobs in April, and has added 669,000 jobs since the 2016 election.
On top of the good news about job growth, the report indicates that wages are rising, too. Nominal average hourly earnings in April rose by 3.2 percent over the past 12 months, marking the 9th straight month that year-over-year wage gains were at or above 3 percent. Prior to 2018, nominal average hourly wage gains had not reached 3 percent since April 2009. Taking inflation into account, there is more evidence that real wages are also growing. Based on the most recent Personal Consumption Expenditures (PCE) price index data from March, inflation in the past year was 1.5 percent, and, based on the most recent Consumer Price Index (CPI-U) price data from March, inflation in the past year was 1.9 percent. This offers evidence that real wages are rising, and people are able to purchase more goods and services with their larger paychecks.
These most recent BLS surveys depict a strong American economy. Employment growth in April surpassed expectations with 263,000 new jobs, while the unemployment rate of 3.6 percent is the lowest rate in nearly half a century. With continued positive job growth, sustained low unemployment, and rising real wages, the economy continues to thrive.
Senate Majority Leader Mitch McConnell
May 9, 2019
WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell (R-KY) made the following remarks on the Senate floor regarding the benefits Americans continue to see from the Republican pro-opportunity, pro-growth agenda:
“As I mentioned, we’re in the middle of an historic economic moment for the American people. Last week, of course, the nationwide unemployment rate fell to its lowest level since December of 1969. And in just the year and half since Republicans passed comprehensive tax reform, 19 different states have set new all-time lows in their unemployment rates – including the Commonwealth of Kentucky.
“If you compare today to November 2016, there are now nearly 70 percent more job openings in durable goods manufacturing and more than twice as many job openings in construction. We’re talking about hundreds of thousands of new job openings in these sectors alone. Overall, under the Republican policies of the last two years the number of job openings across the country has surpassed the number of Americans looking for work for the first time in recorded history. Think about that -- there’s more than one job opening for every American who wants a job.
“So this economic moment, helped along by Republican policies, has placed American workers in much higher demand. And we know what happens when American workers are in higher demand: They get paid more. And sure enough -- from late 2017 to late 2018, wage growth for U.S. workers logged its fastest full-year growth rate in a decade. What’s more, the New York Times reported, quote, ‘the recent gains are going to those who need it most. Over the past year, low-wage workers have experienced the fastest pay increases, a shift from earlier in the recovery, when wage growth was concentrated at the top.’
“Of course, that phrase ‘earlier in the recovery’ is code for during the Obama Administration. How often do we hear the left invoke the stale talking point that pro-growth policies only help wealthy people? Anyone who’s cracked open a history book knows it’s absurd to say that American free enterprise only helps wealthy people and that state-controlled socialism helps everyone else. And anyone who’s picked up a newspaper in the last year and a half knows it, too. Capitalism and free enterprise are the best tools humanity has ever discovered for lifting up the vulnerable and empowering people. It was true in the 19th century, it was true in the 20th century, and it is still proving true in 2019.
“So it’s been on Republicans’ watch that we’re actually seeing low-wage workers and non-management workers receive the fastest wage growth. On Republicans’ watch that the unemployment rate specifically for Americans without high-school diplomas fell to its lowest rate since 1992. It’s been on Republicans’ watch that newspapers describe, quote, ‘a wave of disabled Americans’ who’ve been able to join or return to the workforce.
“So my Republican colleagues and I could not be more proud of the conditions our policies have helped create for all kinds of American workers and their families. And we will continue to defend these gains, put pro-growth, pro-opportunity reforms in place, and stand up against the far-left grab bag of socialist ideas that would threaten America’s progress.”
Preview YouTube video Connie: "I want someone who's honest
May 3, 2019
Unemployment Rate Falls to Lowest Level in Nearly 50 Years; U.S. Economy Adds 263,000 New Jobs in April
The United States economy continued to thrive in April, with the unemployment rate dropping to 3.6 percent—the lowest unemployment rate since December 1969, according to the Bureau of Labor Statistics’ (BLS) household survey. April also marks the 14th consecutive month of the unemployment rate being at or below 4 percent.The rapidly growing economy continues to benefit a wide range of demographic groups. The unemployment rate for adult women (20+) reached 3.1 percent in April, its lowest rate since 1953. The unemployment rate for Hispanics fell to 4.2 percent—the lowest rate since the series began in 1973. The unemployment rate for individuals with only a high school degree fell to 3.5 percent—matching the lowest rate since 2000. The unemployment rate for those with a disability fell to 6.3 percent in April—the lowest rate since the series began in 2008. Additionally, the unemployment rate for veterans fell to 2.3 percent—the lowest rate since the series began in 2000.
The U-6 unemployment rate, a broader measure of unemployment that includes those who are unemployed, marginally attached to the labor force, and working part-time for economic reasons, remained at 7.3 percent in April, matching the lowest U-6 rate since December 2000.
A separate survey from BLS, the Employment Situation Report, showed total nonfarm payroll employment in April rose by 263,000 jobs, far surpassing market expectations (190,000). In total, the economy has added over 5.8 million jobs since President Donald J. Trump was elected. The month of April continued the longest streak of growth on record.
Employment gains have exceeded 100,000 jobs in 27 of the 29 months since the 2016 election. Including revisions for the months of February and March, the average pace of job growth has been a healthy 218,000 jobs per month over the past year and 205,000 jobs per month so far in 2019. Job gains were predominantly concentrated in professional and business services (76,000 new jobs), education and health services (62,000 new jobs), and leisure and hospitality (34,000 new jobs). The construction sector added 33,000 new jobs in April, and has added 669,000 jobs since the 2016 election.
On top of the good news about job growth, the report indicates that wages are rising, too. Nominal average hourly earnings in April rose by 3.2 percent over the past 12 months, marking the 9th straight month that year-over-year wage gains were at or above 3 percent. Prior to 2018, nominal average hourly wage gains had not reached 3 percent since April 2009. Taking inflation into account, there is more evidence that real wages are also growing. Based on the most recent Personal Consumption Expenditures (PCE) price index data from March, inflation in the past year was 1.5 percent, and, based on the most recent Consumer Price Index (CPI-U) price data from March, inflation in the past year was 1.9 percent. This offers evidence that real wages are rising, and people are able to purchase more goods and services with their larger paychecks.
These most recent BLS surveys depict a strong American economy. Employment growth in April surpassed expectations with 263,000 new jobs, while the unemployment rate of 3.6 percent is the lowest rate in nearly half a century. With continued positive job growth, sustained low unemployment, and rising real wages, the economy continues to thrive.
Senate Majority Leader Mitch McConnell
May 9, 2019
An Historic Economic Moment for the American People
‘[I]n just the year and half since Republicans passed comprehensive tax reform, 19 different states have set new all-time lows in their unemployment rates - including the Commonwealth of Kentucky… Overall, under the Republican policies of the last two years the number of job openings across the country has surpassed the number of Americans looking for work for the first time in recorded history. Think about that -- there’s more than one job opening for every American who wants a job.’WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell (R-KY) made the following remarks on the Senate floor regarding the benefits Americans continue to see from the Republican pro-opportunity, pro-growth agenda:
“As I mentioned, we’re in the middle of an historic economic moment for the American people. Last week, of course, the nationwide unemployment rate fell to its lowest level since December of 1969. And in just the year and half since Republicans passed comprehensive tax reform, 19 different states have set new all-time lows in their unemployment rates – including the Commonwealth of Kentucky.
“If you compare today to November 2016, there are now nearly 70 percent more job openings in durable goods manufacturing and more than twice as many job openings in construction. We’re talking about hundreds of thousands of new job openings in these sectors alone. Overall, under the Republican policies of the last two years the number of job openings across the country has surpassed the number of Americans looking for work for the first time in recorded history. Think about that -- there’s more than one job opening for every American who wants a job.
“So this economic moment, helped along by Republican policies, has placed American workers in much higher demand. And we know what happens when American workers are in higher demand: They get paid more. And sure enough -- from late 2017 to late 2018, wage growth for U.S. workers logged its fastest full-year growth rate in a decade. What’s more, the New York Times reported, quote, ‘the recent gains are going to those who need it most. Over the past year, low-wage workers have experienced the fastest pay increases, a shift from earlier in the recovery, when wage growth was concentrated at the top.’
“Of course, that phrase ‘earlier in the recovery’ is code for during the Obama Administration. How often do we hear the left invoke the stale talking point that pro-growth policies only help wealthy people? Anyone who’s cracked open a history book knows it’s absurd to say that American free enterprise only helps wealthy people and that state-controlled socialism helps everyone else. And anyone who’s picked up a newspaper in the last year and a half knows it, too. Capitalism and free enterprise are the best tools humanity has ever discovered for lifting up the vulnerable and empowering people. It was true in the 19th century, it was true in the 20th century, and it is still proving true in 2019.
“So it’s been on Republicans’ watch that we’re actually seeing low-wage workers and non-management workers receive the fastest wage growth. On Republicans’ watch that the unemployment rate specifically for Americans without high-school diplomas fell to its lowest rate since 1992. It’s been on Republicans’ watch that newspapers describe, quote, ‘a wave of disabled Americans’ who’ve been able to join or return to the workforce.
“So my Republican colleagues and I could not be more proud of the conditions our policies have helped create for all kinds of American workers and their families. And we will continue to defend these gains, put pro-growth, pro-opportunity reforms in place, and stand up against the far-left grab bag of socialist ideas that would threaten America’s progress.”
Preview YouTube video Connie: "I want someone who's honest
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