The American economy has added more than one million jobs since President Donald Trump took office.
Defying expectations that job creation would slump this year, America has added more than 200,000 jobs in four out of Trump’s six months in office. That brought the total number of jobs created since the start of February to 1.07 million. On average, the economy created 179,000 jobs in each of the first six months of Trump’s presidency.
Many economists thought that job creation would slow this year after jobs surged in the final two years of the Obama administration. Falling unemployment and an aging population were expected to slow down monthly payroll growth to between 125,00 to 150,000 on average.
The unemployment rate has fallen to 4.3 percent, a level that many economists consider near full employment. Wages, however, have not risen by as much as most economists would expect if the economy were operating at full employment. That suggests there may be more room for improvement.
The labor force participation rate remains low, indicating that there may be more room for the economy to grow as low unemployment and rising wages lure Americans back to work.
The Trump administration is pressing forward on tax cuts and regulatory reform, efforts which might also bolster jobs creation.
The Republican Party sent out this tweet to celebrate the landmark.
— GOP (@GOP) August 4, 2017