Last night, President Trump’s rally in North Carolina touted his remarkable impact on the American job market, and the August numbers prove it.
The Bureau of Labor Statistics released the August Jobs Report, which showed that 130,000 jobs were added over the month-long time period.
Year-over-year wage growth remained 3.2 percent, and the three month wage growth rate reporting increases of 4.2 percent.
But, that’s not all. In fact, the data underneath the top line gives clues as to why wage rates have been increasing amazingly over the past quarter.
- The civilian labor force increased by 571,000 workers during the month.
- The number of employed Americans jumped up by 590,000.
- The number of people not in the labor force dropped by 364,000 during August.
- The workforce participation rate increased 0.2 to 63.2 percent… which is huge!
Because the labor market is tight, the upward pressure on wages means more money in American pockets. Over the past four months, wage rates have increased 4.2 percent. [Table B-3].
And here’s the real factor… people are JOINING the workforce, rather than relying on doled out government handouts.
Year-over-year, the number of employed Americans has increased by 2,274,000 people! More than two million! These are the people who were collecting unemployment checks or who had simply given up under the previous administration.
CNN’s Christine Romans: “More than 500,000 people entered the labor market…that is an important sign of success in the labor market right now.” pic.twitter.com/cX0sbklriR
— Trump War Room (@TrumpWarRoom) September 6, 2019