May 15, 2018

U.S. Economy: Strong, Healthy, Growing


KEY TAKEAWAYS

  • Republican tax cuts and regulatory relief have spurred strong economic growth, producing 3.3 million new jobs since Election Day 2016.
  • Today, the unemployment rate is 3.9 percent, and there is one job opening in the U.S. for every unemployed person looking for a job.
  • Americans are optimistic these trends will continue – consumer confidence has hit an 18-year high in 2018.

Today’s exceptionally strong economy is reflected in record-low unemployment and record-high confidence. Americans are getting back to work with the help of Republican tax cuts and regulatory relief.

President Trump and Congress: “We Delivered”

 Good Economy

We have seen a lot of good economic developments recently, including:

  • Three million new jobs created since Election Day. Since November 2016, the United States has created 3.3 million new jobs.

  • There is one job open for every jobless person. As of March, the U.S. had 6.6 million job openings, the highest on record. There were also 6.6 million unemployed Americans – or, one for every open job. During the recession, there were more than six unemployed Americans for every open job. 

  • Jobless claims are at a 48-year low. The number of jobless claims made over the past month fell to 216,000, the lowest in nearly half a century. Fewer people are being laid off and applying for unemployment benefits. March had one of the lowest levels of layoffs on record. Businesses need all the workers they can get to drive strong economic growth after Republicans freed the economy from excessive taxes and regulations. 

  • Unemployment fell to 3.9 percent, the lowest in 17 years. The U.S. unemployment rate has dropped to the lowest level since December 2000. Tax reform and deregulation are giving businesses the boost they needed. 

  • Consumer confidence hit an 18-year high. In February, the Conference Board’s consumer confidence index hit an 18-year high and remains very near that high in April. Americans are seeing the benefits of Republican tax relief in their paychecks, and they are confident it will continue. Only 6 percent of Americans expect their income to decline in the next six months, the lowest share since 2000.

Issue Tag: Economy