The United States economy added 266,000 jobs in November greatly surpassing economists’ predictions of only a 187,000 positive monthly job gain. The federal Bureau of Labor Statistics (BLS) also indicated the national unemployment rate fell to a half-a-century low of 3.5%.
“The tax and trade policy reforms are helping America’s 31 million small businesses expand, raise wages and hire more. Over than 7 million jobs have been created under President Donald Trump and almost 160 million people are working – the highest amount in our nation’s history,” said Michael Vallante, U.S. Small Business Administration’s Associate Administrator for the Office of Field Operations, overseeing the 68 district offices and nine Regional Administrators; and Regional Administrator for Region IX, overseeing the agency’s programs and services in California, Arizona, Nevada, Hawaii and Guam. “Americans are seeing more money in their paychecks; this is positive news for small businesses especially during the holiday season.”
BLS revisions also added a net total gain of 41,000 jobs for September and October, bringing the three-month average positive job growth gain statistic to 205,000, a ten-year high. Further, the average monthly job growth figure for 2019 jobs is a net positive of 180,000 according to the BLS. Since 2017, 2.1 million prime-age workers have joined the labor force.
December marks two years since President Trump signed the landmark Tax Cuts and Jobs Act (TCJA) into law, putting the focus back on the economy and its job creators – small businesses. As a result, unemployment has reached historic low levels and unemployment in minority communities such as African Americans, Hispanic Americans and Asian Americans have reached their lowest levels ever.
Small businesses are responding to the TCJA’s economic incentives and increased options for health coverage, international trade, and training program expansions by entering new global markets, raising wages, and hiring more employees.
All this has resulted in positive news for small business owners and entrepreneurs. The SBA is committed to supporting entrepreneurs in providing the support necessary to be successful in today’s thriving economy. More information about SBA’s services can be found at www.sba.gov