Optimism about our nation’s economic strength is unmistakable.  The monthly jobs update from the Department of Labor is exceeding expectations, with the latest report announcing that 10,000 more jobs were created in August than economists had projected.  So far, there have been more than 3.5 million job gains over the first 19 months of the Trump Administration. 

As the Wall Street Journal’s editorial board recently noted, “Overall the August snapshot shows a labor market in excellent shape, with nearly everyone who wants a job able to get one.”  This outlook is no surprise.  In July, jobless claims fell to their lowest level since 1969, and unemployment decreased to 3.9 percent, a rate not seen in nearly two decades.  The unemployment rates for African Americans, Hispanics, and young people – which have been historically higher than the national rate – have all hit record lows this year.  

Confidence Soars Among Consumers, Job Creators

Job creation is not the only promising finding by the Labor Department.  Average wages have risen and are now 2.9 percent higher than a year ago.  To put that annual figure into context, Americans’ nominal wages have not grown by this much in almost a decade.  Moreover, consumer confidence in the economy is at its highest level since 2000, according to an August survey from the Conference Board, an independent business association.  There is good reason to be optimistic:  Americans’ median household income set a record last year, rising to $61,372. 

Like consumers, our nation’s greatest job creators – small businesses – are increasingly confident about the economy and the direction it is headed.  For 45 years, the National Federation of Independent Business has conducted a survey measuring small business optimism.  The results for August topped the previous record, which was set during the Reagan Administration.

These upbeat perceptions from consumers and job creators about the economy are appropriate, given the continual rise in gross domestic product (GDP).  This important indicator of how much our economy grew reflected even better results for the second quarter of this year than had been initially reported.  The Commerce Department revised its GDP estimate from 4.1 percent to 4.2 percent, giving the quarter the fastest economic growth in four years.

Real-Life Impact Underscores Policy Wins

All of these figures reaffirm the power of government policies that keep Washington out of the way and let job creators do what they do best – innovate, invest, and build the future prosperity of our nation.  I am glad to be part of this Congress’s enactment of historic tax cuts and major rollbacks of harmful, job-killing regulations.  These policy successes have helped put more money back into the pockets of American families and workers.  What may seem like small changes, such as additional take-home pay and lower energy bills, can make a big impact in Americans’ daily lives.  A thriving economy should produce these real-life results.