‘Good News For Middle-Class Workers and Families’

‘Good News For Middle-Class Workers and Families’

Unemployment Rate At 17-Year Low, Small Business Optimism On The Rise
SENATE MAJORITY LEADER MITCH McCONNELL (R-KY): “It seems that every day brings another piece of good news for middle-class workers and families … For eight years, Democrats operated from the left-wing premise that businesses need to lose in order for workers to win…. Fortunately, Republicans have taken a different approach -- one that doesn’t assume that Washington bureaucrats know best. We know that American workers can only thrive if thriving American businesses are creating jobs and raising wages. So we’ve worked to enact an inclusive opportunity agenda to bring greater prosperity to everyone. And that is exactly what’s beginning to happen.” (Sen. McConnell, Remarks, 5/08/2018)

SEN. JOHN BARRASSO (R-WY): “The unemployment rate is now down to 3.9 percent. It’s the lowest rate in more than 17 years…. The American economy has created three million jobs since President Trump took office. That’s three million Americans who are now earning a paycheck instead of waiting for a government check…. Millions of people have gotten new jobs that didn’t exist before. Millions of other people have been able to switch jobs, move up in their careers, and make more money…. That’s the kind of change that’s possible under Republican, pro-growth policies. It’s things like a national economy that’s growing larger – and growing faster that the American people are seeing today.” (Sen. Barrasso, Press Release, 5/09/2018)

Unemployment Drops To The Lowest Level In 17 Years While Job Openings ‘Hit A Record’
“Unemployment in the U.S. fell in April to one of the lowest levels of the post-World War II era, the result of a historically long jobs expansion that shows little evidence of slowing. The jobless rate fell to 3.9% from 4.1% a month earlier, hitting the lowest level since December 2000, the Labor Department said …” (U.S. Jobless Rate Falls Below 4% For First Time Since Late 2000,” The Wall Street Journal, 5/04/2018)

• “[T]he number of Americans receiving unemployment aid fell to its lowest level since 1973 …” (“U.S. Jobless Claims Rise Modestly; Unemployment Rolls Smallest Since 1973,” Reuters, 5/03/2018)

“Job openings in the United States just hit a record … American businesses can't hire workers fast enough. The United States had a record 6.6 million job openings at the end of March. That's the most since the Labor Department started keeping track in 2000…. There are now about as many openings as there are unemployed workers.” (“Job Openings In The United States Just Hit A Record,” CNN Money, 5/08/2018)

• “Employers added a total 164,000 jobs [in April 2018] and have created an average 200,000 jobs a month this year, up from last year’s average gain of 182,000.” (U.S. Jobless Rate Falls Below 4% For First Time Since Late 2000,” The Wall Street Journal, 5/04/2018)

“An improved national economy is easing pressure on state budgets. Budget officials from Utah to Connecticut are reporting better tax revenues and say their fiscal outlook has brightened, thanks to an expanding economy and job growth. The effects of the new federal tax law also increased revenue figures …” (“State Budgets Get Lift From Economy, Tax Bill,” The Wall Street Journal, 5/09/2018)

Small Businesses Optimistic As Profits And Wages Grow
“Small business employees saw their wages grow last month at the strongest rate in more than two years, according to a report from human resources firm Paychex. Hourly earnings in April increased at an annual rate of 3.25 percent, the best showing since 2016. Wages of $26.56 per hour last month were up 2.69 percent, or 70 cents, from a year ago.” (“Small Business Workers Saw Their Wages Grow At The Strongest Rate In 2 Years: Survey,” CNBC, 5/01/2018)

“The National Federation of Independent Business (NFIB), America's leading small business association, said small business profits in April hit the highest level in the Small Business Economic Trends Survey’s 45-year history…. The positive profit trend is driven by gains in operating productivity and stronger sales. Small business owners are seeing an upward trend in hiring or trying to hire at 57%, and new job creation continues at historically strong levels.” (“Small Business Optimism Surges As Profits Hit Record High,” Fox Business, 5/08/2018)

“Confidence among America's small-business owners remains near an all-time high … a majority of small-business owners across the country say business conditions are ‘good.’” (“Small-Business Optimism Stays Near Record High Despite Threat Of Trade Tariffs: CNBC/Surveymonkey,” CNBC, 5/01/2018)

• “Overall, optimism among small-business owners is most reflected in the record number of small-business owners who say business conditions are ‘good.’ This number has risen for four straight quarters, starting at 38 percent in the second quarter of 2017 and climbing to 53 percent in this quarter's poll. In additional signs of optimism, 60 percent expect revenue to increase over the next 12 months, and 31 percent expect to increase headcount.” (“Small-Business Optimism Stays Near Record High Despite Threat Of Trade Tariffs: CNBC/Surveymonkey,” CNBC, 5/01/2018)

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