Acosta says job growth linked to Trump’s policies

Downtown Dallas from the Trinity River Photo: Nthomas76207/Wikimedia Commons

The Trump Administration is linking the job creation momentum with business optimism springing from the president’s pro-growth policies, noting that the U.S. economy has added 1.7 million jobs since January of this year.

“November’s jobs report shows steady growth fueled by optimism about the pro-growth, pro-jobs policies being advanced by President Trump’s Administration,” Secretary of Labor Alexander Acosta said as the Bureau of Labor Statistics issued the November 2017 Employment Situation report.

According to the statistics, the nonfarm payroll employment expanded by 228,000 in November, and the unemployment rate was unchanged at a low of 4.1 percent.

In his statement, Acosta noted that in October, the American economy added 228,000 jobs and since January, the economy has added 1.7 million jobs.

“The unemployment rate remains at a 17-year low of 4.1%. The unemployment rate in manufacturing dropped to 2.6%, the lowest ever recorded. The unemployment rate among Hispanics dropped to 4.7%, the lowest ever recorded. The unemployment rate for individuals with less than a high school diploma dropped to 5.2%, also the lowest ever recorded.

“While the unemployment rate remains low, wage growth at 2.5% is below expectations. Stronger wage growth will put more dollars in the pockets of working Americans,” the secretary said.

President Trump also celebrated the increasing job numbers as the success of his policies.

According to the Bureau of Labor Statistics, employment continued to trend up in professional and business services, manufacturing, and health care.

But some critics say if the economy is performing so wall on so many fronts, there is no need for tax cuts.

The National Public Radio also observed in an comparison that the employment numbers under President Trump are close to those under President Obama.

But Acosta attributed positive economic trends to President Donald Trump’s election in November 2016 election.

“For two consecutive quarters, GDP growth topped 3%. Consumer confidence is at a 17-year high1. Since Election Day, November 2016, the Dow Jones Industrial Average has moved from 18,000-plus to over 24,000, an increase of more than 30%. This economic growth has increased the value of Americans’ 401(k) and retirement accounts.

“Job creation, wage growth, and retirement savings drive prosperity and financial security. Strong growth in all is necessary.”

Here are some of the statistics as released by the Bureau:

*Employment growth has averaged 174,000 per month thus far this year, compared with an average monthly gain of 187,000 in 2016.

*Employment in professional and business services continued on an upward trend in November (+46,000). Over the past 12 months, the industry has added 548,000 jobs.

*In November, manufacturing added 31,000 jobs. Within the industry, employment rose in machinery (+8,000), fabricated metal products (+7,000), computer and electronic products (+4,000), and plastics and rubber products (+4,000).

*Since a recent low in November 2016, manufacturing employment has increased by 189,000.

*Health care added 30,000 jobs in November. Most of the gain occurred in ambulatory health care services (+25,000), which includes offices of physicians and outpatient care centers.

*Monthly employment growth in health care has averaged 24,000 thus far in 2017, compared with an average increase of 32,000 per month in 2016.

*Within construction, employment among specialty trade contractors increased by 23,000 in November and by 132,000 over the year.

*Employment in other major industries, including mining, wholesale trade, retail trade, transportation and warehousing, information, financial activities, leisure and hospitality, and government, changed little over the month