Donald J. Trump promised that he’d “Make American Great Again” in the run-up to the 2016 presidential election. And as president, it appears that he is doing just that while helping Americans get back to work. One piece of evidence is the unemployment rate.
New claims for unemployment benefits dipped during the week that ended on February 24th to their lowest level since 1969. That turn of events was a welcome but unexpected development. Indeed, before that news broke, economists had anticipated that there would be 226,000 new jobless claims, which would have been a higher number than that of the week before. But the unemployment claims decreased by 10,000, to 210,000.
And here’s the real kicker: The four-week average of claims also dropped, as it went down by 5,000, to 220,500. And that, as it turns out, is the lowest level in 49 years, since 1969.
Slightly more people were added to unemployment benefits than were able to stop receiving those benefits, which caused the number of continuing unemployment claims to increase by 57,000, to 1.93 million. But, when all of the new statistics on unemployment are evaluated as a whole, the news is positive and encouraging.
That information coupled with other benchmarks such as the strong stock market in recent months point to an overall improved economy compared to how it’s been for the past decade. Signs abound indicating that the economy and job market are headed in the right direction, although there is still much room for improvement. The recent tax reform package should continue to push unemployment downward and lead to more prolonged economic recovery. Indeed, many large and prominent companies announced their plans to hire large numbers of additional workers immediately after President Trump signed off on tax reform in December 2017.
One key is to make sure that the jobs people are getting match their qualifications and provide them with compensation that meets their needs. It looks like well-paying jobs are becoming more prevalent as the economy strengthens.
Many predicted that if Trump became president, the economy would fall apart. Obviously, that has not happened. In fact, just the opposite is continuing to unfold. That is obviously good news that should be welcomed by all. But in reality, the Trump naysayers will never be satisfied with him, and are determined to see him fail.
It’s worth pointing out that Americans from all walks of life are benefitting from “MAGAnomics.” Unemployment figures are improving for various ethnic groups, including African Americans and Hispanics.
“Something I’m very proud of: African American unemployment stands at the lowest rate ever recorded. And Hispanic American unemployment has also reached the lowest levels in history,” the president said.
Indeed, the unemployment rate for African Americans decreased to 6.8% in December 2017, which is the lowest that number has been since the federal government started monitoring it back in 1972. That is encouraging, especially considering that the employment picture for African Americans has not been nearly as positive in the past, even as recently as during during the economic downturn that started in 2007.
For Hispanics, the unemployment rate was 4.9% in December. That is about as low as that rate has ever been. The record low, which was 4.8%, took place in 2006 and 2007. The Bureau of Labor Statistics has tracked the unemployment rate of Hispanic Americans since 1973.
All in all, employment is going up for numerous groups, for males and females, across various age groups and in many industries. Many aspects of society improve when employment is up and Americans are productive. It looks like the American Dream is becoming more of a reality for many more Americans.
It will be interesting to monitor the trends in employment throughout 2018 and beyond, but the positive trends should continue.
~ Conservative Zone