Unemployment Rate Drops to 49-Year Low of 3.7%
Washington, D.C. (October 5, 2018)—The economic hot streak continues as the unemployment rate falls to a near half century low, however it seems job creation is beginning to be affected by the tight labor market, said the Job Creators Network (JCN).
“As the economy continues its upward climb, job creation will begin to level out and growth will continue through rising wages as employers compete for employees,” said JCN President and CEO Alfredo Ortiz. “Much of this economic success has been brought on by the Tax Cuts and Jobs Act—legislation that has reduced the tax burden for millions of Americans and small businesses. If we want to see this marathon of economic advancement continue, Tax Cuts 2.0 should be passed by the Senate—extending tax relief measures passed the scheduled expiration date of 2025.”
The September jobs report released by the Bureau of Labor Statistics shows 134,000 jobs were created last month—bringing total job creation since President Trump’s inauguration to roughly 3.8 million. Moreover, the unemployment rate fell to 3.7 percent—the lowest level since 1969—and wages rose 2.8 percent year-over-year.
“The real winners are the 30 million small businesses across the country,” continued Ortiz. “With more money in their pockets from the tax cuts, less government red tape and a sky-high consumer confidence driving up sales, small business entrepreneurs are reaping the rewards and passing it down to their dedicated employees. Everyone is getting a larger piece of the growing economic pie.”