On Friday, the Bureau of Labor Statistics released the national August jobs report, which found the U.S. economy added 201,000 jobs, while the unemployment rate stayed at 3.9 percent.
The numbers reveal that the labor market continued to defy worker shortages and trade battles. All in all, the economy has added 1.2 million new, non-farm, payroll jobs over the past 12 months. During which time unemployment rates for all major races and ethnicities dramatically improved (August 2017 to August 2018).
“Congress and President Trump have worked hard and taken substantial political risks to jump start America’s economy. The tax cuts for American families and job creators, the reduction of Obama-era regulatory burdens, the preference for free enterprise principles over socialism, and the cuts in costly economic dictates by federal bureaucrats in their cubicles and windowless D.C. offices are all paying off,” explained Brooks.
Brooks continued, “After a decade of anemic sub-3 percent economic growth, the American economy sizzled at a 4.2 percent growth rate in the 2nd quarter of 2018 and appears to be surging again in the 3rd quarter! American families and workers are enjoying a double whammy of good news: plentiful jobs and bigger paychecks brought about by the double dose of higher wages and lower taxes.”
August’s jobs report also revealed the average hourly earnings for all non-farm American workers increased by 10 cents in August and 77 cents (2.9 percent) over the past year.
“A 2.9 percent boost in average income over one year is fantastic!,” said Brooks.
Brooks however pointed to America’s border problems with illegal immigration as the reason behind the one negative aspect of the new report.
“The one big negative in the August report is that the average hourly earnings of ‘production and nonsupervisory employees’ (those most impacted by the surge in illegal alien labor caused by porous borders) increased at a 15 cents per hour slower pace (at 62 cents per hour) than the average for all American workers (77 cents per hour),” added Brooks. “I ask American voters to ponder how much higher their incomes would be if there was no competition from lower wage, and often illegal, foreign labor.”