Statements & Releases
What You Need To Know About February’s Blockbuster Jobs Report
WHAT: Last month, the U.S. economy added 313,000 jobs and the unemployment rate remained at its lowest level in 17 years.
On Friday, the Labor Department reported the U.S. economy exceeded expectations and added an incredible 313,000 jobs in February, the biggest increase in two years. This means we have the highest average monthly job growth since 1997. The “goods-producing” industries – such as natural resources, mining, construction, and manufacturing – added 100,000 jobs, the largest monthly increase in two decades. For the fifth consecutive month, the unemployment rate remained at 4.1 percent, the lowest level seen in 17 years. In another sign of a strong labor market, the number of workers in the U.S. labor force increased by 806,000, the largest monthly increase since 2003.
WHY: President Trump’s policies and tax cuts are getting Americans back to work, creating growth, and restoring confidence in the U.S. economy.
February’s jobs report shows that the President’s economic policies of tax cuts and regulatory reform are working. The U.S. economy has added nearly 3 million jobs since the President’s election, weekly jobless claims recently reached a 48-year low, and last year the Hispanic and African American unemployment rates both hit their lowest levels in history. More than 4 million Americans are receiving bonuses, wage increases, or other new benefits that have been tied directly to the passage of President Trump’s tax reforms and cuts. Dozens of businesses have announced pay raises, new job creation, or significant investments as a result of tax reform, and public utilities are passing on their tax reform savings to consumers and families.
At the same time, many measures of economic confidence continue to hit record levels. The Conference Board’s Consumer Confidence Index currently at its highest level since 2000, while a record number of small business owners polled by the NFIB say now is a good time to expand. The Council of Economic Advisers recently estimated that if President Trump’s economic policies were fully implemented, the economy would grow at a 3 percent annual pace over the next decade.