The number of people employed in the United States hit a record 157,878,000 in August, the 21st record set under President Donald Trump.
The unemployment rate for African Americans fell sharply to 5.5% in August, hitting its lowest level since record-keeping began in 1972. The previous record low of 5.9% was set in May 2018.
The Bureau of Labor and Statistics released their August report, showing that the economy gained 130,000 jobs in August with the overall unemployment rate holding steady at 3.7%. The report also showed that black unemployment fell to 5.5%, which is remarkable since it is the lowest rate recorded since the Labor Department started tracking the number in the 1970s.
The Labor Department said that all told, employers added a modest 130,000 jobs in August. The overall unemployment rate held steady at 3.7%.
White Americans unemployment rate in August was 3.4%, which makes the 2% unemployment gap between the two groups the lowest in recorded history.
August makes the 107th straight month under President Trump that the United States economy added jobs, with the country reaching an almost 50-year low in the unemployment rate, making this a historical accomplishment for President Trump and his administration.
According to an August 21 update from the Congressional Budget Office:
Strong demand for goods and services over the past several years boosted the demand for labor and caused labor market conditions to strengthen steadily.
The labor market carried momentum from 2018 into the first half of 2019 and is expected to continue to grow at a healthy, albeit slower, pace over the next several years.
In CBO’s projections, the unemployment rate averages 3.7 percent in 2019 and 2020 and then steadily rises to 4.6 percent by the end of 2023 as output growth slows. Employment rose above its potential, or maximum sustainable, level in 2018 and is expected to remain above its potential level over the entire 2019–2023 period.
The labor force participation rate among prime-age workers (those between the ages of 25 and 54) has rebounded since 2015, adding about 1.5 million workers to the labor force and offsetting downward pressure on labor force participation from the retirement of baby boomers (those born between 1945 and 1960). The labor force participation rate is projected to remain stable through 2020 before falling gradually toward its long-run trend.
Wage growth has accelerated and become increasingly broad-based in recent years, with low-wage earners experiencing particularly robust gains in their hourly wages. In CBO’s projections, wage growth picks up further before slowing in 2021.