Fact Sheet – Booming Economy under President Trump!

Fact Sheet:

The Economy is booming under President Trump and the Republican Party, creating jobs, wage growth, and personal wealth.

  1. The unemployment rate was at 3.9 percent in August.
  2. The unemployment rates for Hispanics/Latinos, Blacks, and Asians are the lowest in history.
  3. Among the major worker groups, the unemployment rates for adult men (3.5 percent), adult women (3.6 percent), teenagers (12.8 percent), Whites (3.4 percent), Blacks (6.3 percent), Asians (3.0 percent) and Hispanics (4.7 percent).
  4. The Dow Jones Industrial Average hit record highs more than 80 times under President Trump/Republicans, including closing higher than 26,000 points for the first time in history. This benefits most individual retirement plans, pension plans, and individual investors.
  5. Since President Trump’s election, more than $5 trillion in wealth has been created for the U.S. economy.
  1. President Trump signed an Executive Order that expanded apprenticeships, recognizing the need for more quality alternatives to four-year college degrees. The Executive Order set in motion a new process that makes it easier for businesses to create apprenticeship programs, providing many more Americans access to an affordable education that leads to a well-paying job.
  2. The Trump Administration prioritized the economic empowerment of women as a key element of its commitment to economic growth and gender equality. This year, the Small Business Administration loaned approximately $500 million more than last year in capital to women-owned businesses.
  3. President Trump has rolled back unnecessary job-killing regulations. In 2017, President Trump far exceeded his promise to eliminate regulations at a two-to-one ratio, issuing 22 deregulatory actions for every new regulatory action. This has led to business growth and jobs.
  4. Under President Trump’s leadership, Congress passed historic tax cuts and relief for hard-working Americans. The Tax Cuts and Jobs Act:
  • Is the first major tax reform signed in 30 years.
  • Federal revenues are increasing as the economy grows. April 2018 had a record surplus of $214 billion.
  • Over 500 companies have announced bonuses, wage increases, and new investments.
  • Businesses have invested $482 billion in new, American projects and employees.
  • More than 4.8 million workers received increased wages or bonuses (3.7 percent of all private workers).
  • Provided $1.5 trillion in tax cuts to individuals.
  • American families received $3.2 trillion in gross tax cuts and saw the child tax credit double.
  • A family of four making $73,000 will get a cut of over $2,000-cutting their taxes in half.
  • Nearly doubled the standard deduction.
  • Repealed Obamacare’s burdensome individual mandate
  1. President Trump and the Republican Party are unleashing economic growth and jobs. During Trump’s first year, nearly 3 million new jobs were created since January 2017 and the unemployment rate fell to 3.8 percent, the first time below 4 percent in 18 years.
  • The manufacturing industry has created more than 300,000 jobs.
  • 337,000 construction jobs have been created since President Trump took office, and construction employment stands at its highest level since June 2008.
  • Fourteen states reached record low unemployment rates.
  • Job openings have reached 6.6 million, the highest level recorded. This competition should drive wage growth.
  • Jobless claims reached the lowest level in 45 years (1973).
  • The number of people dependent on food stamps has fallen by 2.6 million or 6.2 percent since January 2017.
  • The number of people receiving unemployment benefits is running at the lowest level in 45 years.
  • The U.S. Gross Domestic Product (GDP) has averaged 3 percent growth the last three quarters. At the end of July, it was 4.2 percent. Under President Obama, GDP averaged 1.9 percent.

Employment Data

From Bureau of Labor Statistics, U.S. Department of Labor, August 2018

The unemployment rate remained at 3.9 percent in August.

  1. Among the major worker groups, the unemployment rates for adult men (3.5 percent), adult women (3.6 percent), teenagers (12.8 percent), Whites (3.4 percent), Blacks (6.3 percent), Asians (3.0 percent) and Hispanics (4.7 percent).
  2. The number of long-term unemployed (those jobless for 27 weeks or more) is 1.3 million. Over the year, the number of long-term unemployed has declined by 403,000.
  3. Professional and business service added 519,000 jobs over the year.
  4. Health care has added 301,000 jobs over the year.
  5. Wholesale trade employment increase by 99,000 over the year.
  6. Employment in transportation and warehousing rose by 173,000 over the past 12 months.
  7. Mining employment has added 104,000 since October 2016, almost entirely in support activities for mining.
  8. Employment in construction has increased by 297,000 over the year.
  9. Average hourly earnings for all employees on private nonfarm payrolls has increased by 77 cents or 2.9 percent.