Commenting on the November 2017 Employment Situation report from the U.S. Bureau of Labor Statistics, U.S. Secretary of Labor Alexander Acosta said, “The jobs report shows steady growth fueled by optimism. Last month, the American economy added 228,000 jobs. Since January, the economy has added 1.7 million jobs.
“The unemployment rate remains at a 17-year low of 4.1%. The unemployment rate in manufacturing dropped to 2.6%, the lowest ever recorded. The unemployment rate among Hispanics dropped to 4.7%, the lowest ever recorded. The unemployment rate for individuals with less than a high school diploma dropped to 5.2%, also the lowest ever recorded. While the unemployment rate remains low, wage growth at 2.5% is below expectations. Stronger wage growth will put more dollars in the pockets of working Americans.
“For two consecutive quarters, GDP growth topped 3%. Consumer confidence is at a 17-year high. Since Election Day, November 2016, the Dow Jones Industrial Average has moved from 18,000-plus to over 24,000, an increase of more than 30%. This economic growth has increased the value of Americans’ 401(k) and retirement accounts.
“Job creation, wage growth, and retirement savings drive prosperity and financial security. Strong growth in all is necessary.”Related Articles: