More Jobs and Bigger Paychecks

Following the passage of comprehensive tax reform, businesses across the country are hiring new workers, increasing wages, and issuing bonuses to their employees. The TCJA is contributing to an economic renewal, a blue collar boom, in which Americans are benefitting from historically low levels of unemployment and historically high levels of job openings.

Since the Tax Cuts and Jobs Act was signed into law, the roaring U.S. economy continues to provide new and better opportunities for  worker across America.

In March 2018, the number of job openings reached historic levels, with 7.3. million jobs—enough for every unemployed American to go to work.[1]

  • The Washington Post: “March [2018] marked the first time there has been a job opening for every unemployed person since the Labor Department began keeping track of job openings in 2000.”[2]

In November 2018, the Unemployment Rate reached a 50-year low of 3.7%. [3]

Over six months later, the Unemployment Rate remains at 3.7% and in June 2019 the economy added 224,000 new jobs.[4]

  • CNBC reported: “Payroll growth rebounded sharply in June as the U.S. economy added 224,000 jobs, the best gain since January”[5]
  • The New York Times reported: “A decade after the Great Recession released its grip on the American economy, the job market shows no sign of falling into another slump.”[6]  
  • The New York Times also reported: “[Workers are] benefiting from what is now, at least unofficially, the longest economic expansion on record.”
  • The Wall Street Journal reported: “There are several pillars of strength for the U.S. economy beyond historically low unemployment and a record 105 straight months of job gains. American household spending and incomes both rose at solid rates in May, consumer confidence remains relatively strong and the stock market touched a record high this week.”[7]  

Business Optimism Has Hit Record Heights, With Job Creators Across America Expressing Confidence In The Future.

  • According to the National Federation of Independent Businesses (NFIB), tax reform is working, and the relief is driving record optimism about the economy among small and independent business owners.[8]
  • In May, business optimism rose to a seven-month high as companies have the money to expand and invest in their workers.[9] 

Across America, workers are experiencing a blue collar boom.

  • Since 2017, more than 500,000 new manufacturing jobs have been created.[10]
  • In 2018, manufacturing jobs soared to a two year high, providing more opportunities for workers to get ahead, earn a pay check, and support their families.

Thanks to tax reform, the American economy is in a historic period of economic success. Unemployment is low, wages are rising, and Americans across the country now have more money to put food on the table, care for a child, or simply save for a rainy day.

American workers are finding new opportunities across the county. Welcome to an America that’s open for business!

 

 

 

[8] “Latest Tax Reform News,” NFIB, May 2018