It took President Trump three years to build the world’s best economy with an unemployment rate of only 3.5%, rising wages, strong consumer confidence, and a robust stock market. Sadly, it only took three weeks for that healthy economy to be destroyed and the longer the economy is closed for business, the harder it will be for our nation to recover.
In February, the nation added 273,000 jobs to the economy and the unemployment rate was only 3.5%. The Trump economy was booming, the stock market was hitting record highs and the American public was confident about the future of the economy. My, how times have changed.
Since that idyllic period, worries about the coronavirus have exploded and the nation’s economy has been essentially shut down, except for certain critical sectors. All indicators have moved to negative territory. For example, the stock market is down about 30% from its February all-time high.
The U.S. economy is the strongest in the world and it shows no signs of slowing down. Today, another incredible economic report was released as the September unemployment rate dropped to 3.7%, the lowest since 1969. Among Hispanics and Latinos, the unemployment rate was only 4.5%, the all-time lowest level in history, while among African Americans, the unemployment rate was 6.0%, near the record low.
Not only are people finding work, but wages are increasing. In September, salaries were raised an average of 2.8%, while the typical work week remained steady at 34.5 hours.
The White House today touted the Dow new record, the record breaking unemployment and other issues.
The U.S. Labor Department released another strong employment report today. It showed that nonfarm payrolls expanded by 223,000, far exceeding expectations of most economists. The unemployment rate dropped to 3.8%, the lowest since April of 2000. For African Americans, the unemployment rate was the lowest on record, at 5.9%.