More Economic Growth In October
The Bureau of Labor Statistics issued a report this week showing yet another month of economic growth and low unemployment. It also reported stronger labor-force participation and continued growth in the manufacturing sector. Unemployment among blacks, hispanics, asians and young people is also down, and wages are growing faster than they have in years.
In October, 250,000 jobs were added, most of which were in the healthcare, manufacturing, construction, warehousing and transportation industries. In the manufacturing sector alone, 300,000 jobs have been added since the beginning of the year. Immediately following the 2008 recession, job growth was largely limited to service industries, but today’s numbers indicate that manufacturing is making a comeback and our economy is diversifying.
This economic progress has also been widely shared throughout our society. Black and hispanic unemployment are at record lows at 6.2 and 4.4 percent respectively. Asian-Americans, too, have shared in the jobs growth, with another record-low unemployment rate of 3.2 percent. Teenagers are also employed at a higher rate than recent history would suggest, a positive improvement considering their losses during the most recent recession.
Most important of all, wages have grown and are putting more money into the pockets of everyday wage-earners. This year, average hourly earnings have increased 3.1 percent. Wages have been stagnant for decades, and the recent growth will help make sure nobody is left behind as more wealth is created.
As to the causes of this resurgence, it is clear economic measures and tax reform enacted by Congress have played a significant part in encouraging investment in the United States. Americans making less than $100,000 each year have seen their taxes cut, and the average household has had saved approximately $1,600. Continuing to support Representatives who have spurred this growth is essential to its sustainability, and Americans will have their chance to make their voices heard this Tuesday.
