WASHINGTON – The national unemployment rate has plummeted in the 28 months President Donald Trump has been in office and the latest jobs report relayed a continuation of that trend.
According to the U.S. Bureau of Labor Statistics, 263,000 jobs were added to the economy in April and the unemployment rate fell to 3.6%.
Job growth was slower during March. The Bureau estimates that 196,000 jobs were added that month. Only 20,000 jobs were added in February.
The April report shows the unemployment rate at its lowest since December 1969. The report was released Friday.
When Trump took office in January 2017 the unemployment rate was 4.8%.
The stock market has experienced near-unprecedented gains since Inauguration Day with more than 100 records set during Trump’s administration.
On. Jan 20, 2017, the Dow Jones Industrial Average closed at 19,827. Today the Dow is above 26,000.
The S&P 500 index, which many analysts say is the best indicator of market strength, was in the 2,200-range when Trump took office. Today the S&P is over 2,900.
Many analysts have attributed economic gains seen under Trump to the Tax Cuts and Jobs Act.
Trump signed the legislation into law in December 2017. It is the most comprehensive tax reform measure since the Reagan administration.
The legislation reduced the top corporate tax rate from 35 percent to 21 percent. It reduced the top individual rate from 39.6 percent to 37 percent.
The administration also has rolled back many Obama-era environmental regulations that many believed had impacted the expansion of the oil, gas and coal industries. Those industries have seen impressive job gains since the rollbacks were implemented.