The Bureau of Labor Statistics issued some great news for the New Year on January 10, 2020. In its latest Employment Situation Summary, the Bureau stated that total nonfarm payroll employment increased by 145,000 in December. As a result of these strong numbers in December and throughout the year, nonfarm payroll employment rose in total by 2.1 million for the year 2019. This is a continuation of the strong job numbers that Americans have experienced under the Trump economy. Since President Donald Trump took office, an astounding 7.3 million jobs have been created. 

This creation of jobs has led to more employed Americans. In fact, the number of unemployed people dropped from 6.3 million to 5.8 million in 2019, and the unemployment rate dropped from 3.9% to 3.5%. The unemployment rate also matched its lowest rate since May 1969, 50 years ago, and December marked the 22^nd consecutive month with an unemployment rate at or below 4%. Further, the broadest measure of unemployment, the U-6 unemployment rate, set its lowest rate ever at 6.7%.

In addition, this economy is not just benefiting the top 1% in America. In his statement on the December jobs numbers, U.S. Secretary of Labor Eugene Scalia noted how historically-disadvantaged Americans have benefited under the Trump economy:

“In 2019, the American economy saw record low unemployment rates for many groups, including African Americans, Hispanic Americans, Asian Americans, Americans with less than a high school diploma, and Americans with disabilities.”

Further, President Trump’s economy has helped those who stopped looking for a job. At the end of 2019, almost 75% of the workers with new jobs were from out of the labor market, rather than just unemployed. This has increased the labor market participation rate tremendously. Since the 2016 election, the labor force participation rate for prime-age adults has increased by 1.6 percentage points. 

Year-over-year wages for production and non-supervisory workers have also increased. December was the 17^thstraight month that average hourly earnings have been at or above 3%. 

Finally, there are 1 million more job openings than job seekers. November marked the 21st consecutive month where there have been more job openings than job seekers.

Congratulations to President Trump, Secretary Scalia, the Trump administration, and the Department of Labor for another month of strong jobs numbers for the American people. 

To see a list of the statistics mentioned above, please click here.