U.S. job growth continued to increase during the month of April and the overall unemployment rate dropped to a more than 49-year low of 3.6 percent. This record low unemployment, not seen in an entire generation, demonstrates the economy’s robust growth.
Furthermore, the recent jobs report revealed that the unemployment rate for Asian-Americans fell sharply to reach another low at 2.1 percent, near the 2.0 percent record low set last year. This is the lowest it has ever been since the government began tracking data on Asian-Americans from 2003 to 2005. Since 2007, the Asian-American unemployment rate did not go below 3 percent.
“That you let Americans keep more of what they earn, you cut taxes on individuals and businesses, you roll back federal red tape, you unleash American energy, you fight for the kind of trade deals that put the American jobs and American workers first, that the American economy would come roaring back and we’re witnessing it and it’s truly inspiring,” Pence added.
President Donald Trump posted an enthusiastic message in response to today’s release of last month’s job report, refering to America’s economy as “the envy of the world.”
In addition, Secretary of Commerce Wilbur Ross posted an official statement, thanking the president for enacting his economic policies.
This anticipated April jobs report is good news for the Trump administration, as it shows the continued solid economic growth since 2017. In the past month, 263,000 jobs were added, making unemployment the lowest it has been since 1969. Currently, job growth is well above the roughly 100,000 needed per month to keep up with growth in the working-age population. This past month of strong job growth was further evidence that February’s report of a slightly lower increase in 56,000 jobs was an aberration.
Job growth remains strong, despite anecdotal evidence of worker shortages in the transportation, manufacturing and construction industries, suggesting some slack still remains in the labor market. This latest jobs report also effectively eases concerns about another recession and diminishes expectations of an interest rate cut this any time this year.