Low unemployment good for everyone
Published 7:00 pm Thursday, November 7, 2019
October produced another good report for the continuing low unemployment rate for all segments of society.
It was particularly good news the African American unemployment rate hit an all-time low of 5.4 percent, breaking the all-time record of September and August of 5.5.
In November 2016, the black unemployment rate was 8 percent and 7.7 percent in January 2017, when President Trump first took office.
Other minorities are benefiting as well from the continuing great unemployment/employment statistics from the Bureau of Labor Statistics, including Hispanics and Asian Americans. Women have also benefited from the booming economy.
The overall unemployment rate in October was 3.6 percent and the 128,000 new jobs created last month far exceeding the median market expectation of 85,000.
“Job gains at this point in the business cycle are particularly noteworthy considering that the United States is in the midst of the longest economic expansion in its history,” according to the Council of Economic Advisers.
“Since the president’s election, the economy has added over 6.7 million jobs — more than the combined populations of Wyoming, Vermont, Alaska, North Dakota, South Dakota, Delaware, Rhode Island, and Montana in 2018. Additionally, this total is 4.8 million jobs than the Congressional Budget Office projected would have been created in its final forecast before the 2016 election,” the council spokesman said.
October was also the 20th consecutive month that unemployment was at or below 4 percent. The labor participation rate, which includes workers and those looking for work, increased to 63.3 percent — 0.6 percentage points above the rate in November 2016.
Wages have been going up, as well.
“Steady job growth, accompanied by 15 months of 3 percent or higher average-year-over-year hourly wage increases, benefits Americans across the country, as 24 States achieved or matched their lowest-ever unemployment rates during the Trump administration,” the council spokesman said.
It is great news the low unemployment and high employment statistics continue to show the booming national economy is working for all segments of society.
