Opinion: June's jobs report is good news for the economy
EDITOR'S NOTE: Boris Epshteyn formerly served as a Senior Advisor to the Trump Campaign and served in the White House as Special Assistant to The President and Assistant Communications Director for Surrogate Operations.
WASHINGTON (Sinclair Broadcast Group) - The U.S. economy is truly starting to roar. The Bureau of Labor Statistics released its jobs report for the month of June on Friday morning. The report contains some very good news. Let’s break it down.
The U.S. jobs market added 222,000 jobs in June, according to the BLS. This surpasses what economists were anticipating the gain to be, as it was initially predicted that employment would increase by 178,000, a very significant difference.
Some of the industries exhibiting employment growth?
- Social assistance
- Financial activities
Unemployment rate changed only marginally from last month’s 16-year low at 4.3 percent to now 4.4 percent in June. Coincidentally, the percentage of those working or looking for work ticked up from 62.7 percent to 62.8 percent. This can actually account for the small increase in unemployment.
Wage growth did not change from May’s numbers. This is the one area where economists still want to see improvement.
Jump starting the economy has been a focus of this administration and President Trump continues to push a strong pro-business agenda, including aggressive deregulation.
These numbers are not just ink on paper, each job added represents an American life that is improved in a tangible, concrete way.
This administration’s policies are fueling the economic growth that is seen in these jobs numbers, as well as in the booming stock market. If healthcare and tax reform are achieved, the economic horizon should only get brighter. And that’s the bottom line.