U.S. unemployment has hit a 49-year low, adding jobs in industries including construction, business services, and healthcare. According to the U.S. Labor Department, the U.S. economy added 263,000 new jobs in April, bringing the unemployment rate down to 3.6%. Last month marked the 103rd straight month of job gains.
CGTN’s Jim Spellman has more.
“We have a big tax cut package last year. It is working. We had major overhaul of regulations, which is working. We’ve opened up the energy sector. We are trying to get pro-growth trade reforms through. The economy is booming. The economy is booming,” said Larry Kudlow White, House National Economic Advisor.
The new unemployment numbers are another sign the U.S. economy is doing well. Stocks have been in record territory and first-quarter economic growth beat expectations. The Federal Reserve just said it won’t raise rates…and likely won’t in the near-term.
“All I can see is that we have an economy where the expansion is continuing, growth is at a healthy level, the labor market is strong. We see job creation. We see wages moving up. Inflation is low, which gives us the ability to be patient,” said Federal Reserve Chairman Jerome Powell earlier this week
These new job numbers are welcome political news for U.S. President Donald Trump, who hopes to use a strong U.S. economy as a centerpiece of his reelection campaign.