The July jobs report has come in from the Bureau of Labor Statistics, and President Trump couldn't be more thrilled.
Unemployment has fallen to a 16-year-low — from 4.4 percent to 4.3 percent — and consumer confidence has risen to a high over the same annual time span.
The president reacted to the news:
Trump also shared the news that over 200,000 jobs were added to the economy:
— FOX Business (@FoxBusiness) August 4, 2017
This is vital because jobs don't need to be added to the economy in order for unemployment to drop. As was seen under the prior administration, unemployment dropped while labor force participation plummeted to a 39-year-low.
The labor force participation rate appears to be stabilizing and is receiving upticks:
President Trump has consistently remarked that the U.S. media fails to give him proper credit for positive economic news. In June, he pointed out the growth in the Dow Jones Industrial Average, which has since hit a numerical high of 22,000:
The president trumpeted the latest economic figures while at his rally in West Virginia on Thursday.
“Economic growth has surged to 2.6 percent nationwide,” he proclaimed. “Nobody thought that number was going to happen.”
“Unemployment is at a 16 year low,” Trump said. ”But don’t forget, and I will never forget, the millions and millions of people out there that want jobs that don’t register on the unemployment rolls because they gave up looking for jobs."
Donald Trump was elected partly on the strength of voters' desire for economic change and his constituents' belief in his business acumen.
As was reported in April, Pew Research showed that more people have a positive view of the economy than negative for the first time since the 2008 economic crisis. As the publication put it, “What a difference a year, and possibly an election, makes.”
This jobs report will only make Americans feel more optimistic about the economy.