Amazing news: President Trump’s efforts are paying off. On October 5th, the U.S. unemployment rate fell to 3.7 percent from 3.9 percent, making it the lowest rating since 1969 during the Vietnam war. More people are working across nearly every sector, every industry, and every age.
• People aren’t just working more often, either; they’re making more when they work, too. Wages rose by approximately 2.8 percent across the American labor market as a whole, accounting for shifts in many industries.
• Whether the left wants to admit it or not, Trump has been good for the economy and for the working class. We’re seeing broader economic growth accelerating faster than it has in decades — much faster than when “Obummer” tried to con us all into paying for everything under the sun.
• As employers benefit from the improvements to the general economy, they’re taking on newcomers faster and faster. This means that the job market is especially lucrative for fresh new graduates, but there are significant opportunities for older Americans changing careers, too.
• Certain sectors do seem to be outperforming others. BLS.gov reported significant expansion in professional and business services, health care, transportation, and warehousing. So much for tech disruption taking away all of these critical jobs!
• That said, retiring baby boomers are playing a role in the overall improvement. As people begin to retire, they free up work slots for younger individuals who still need to find employment. This temporary but valuable rebalancing creates a bit of breathing room, but does indicate that we still have a long way to go.
• Carl Tannenbaum, chief economist at Northern Trust, lavished praise on America for the booming job market. “To think about the multitude of global and technological changes that occurred since 1969, reorienting the labor force to keep such a large fraction of the population at work is quite an achievement.”
• It’s important to note that a low unemployment rate doesn’t automatically mean everything is fine. We still have significant issues to fix in the job market, such as the fact that job stability and gaining access to full-time work is a challenge. Simply being employed is really just one facet of the conversation, but it’s a great start.