Job growth outpaces unemployment by a whopping 4 million
Nys unemployment rate remains the lowest it’s been since August 2013, according to the Bureau of Labor Statistics.
The unemployment rate is now 4.5 million, or 2.1 percent lower than it was on August 4, the same day as the presidential election.
The previous lowest rate was 5.2 percent in December, the last month before President Donald Trump took office.
While the unemployment rate fell to a near nine-year low of 5.6 percent in February, the number of job openings in the U.S. remains very low, according the BLS.
The labor force participation rate was 74.9 percent in August, which is the lowest level since January 2013.
The rate has remained above 70 percent for five straight months.
The last time it reached 70 percent was December 2016.
The numbers come just as the labor market appears to be stabilizing, according it’s own figures.
Unemployment was 6.4 percent in April, which was the lowest rate since February 2009.
The number of jobs increased by an estimated 5.3 million in August and September, which the BSA attributes to a stronger job market.
The economy added an estimated 195,000 jobs in August.
The Labor Department said Friday that the economy expanded by an annual rate of 2.2% in August after growing at an annual average rate of 3.7% over the previous three months.
That’s the biggest gain since March 2017.
The bureau expects to report its quarterly job report on Friday.
Trump’s campaign touted the figures, but some economists said they may be understating the situation.
Trump called the jobs report a “big fat lie” on Twitter on Friday, after the Labor Department released the job data.
On Monday, Trump also slammed President Barack Obama for not making a major economic announcement until September.
The president has promised to sign an executive order on Friday to boost infrastructure spending and reduce regulation, which will also be a major agenda item for his inauguration.
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