The labor force has even more room to grow
President Trump has kept many campaign promises, including creating a better environment for job creation. The economy is booming and unemployment rates are dropping. Americans are becoming more confident in the growing Trump economy.
Thousands of additional workers could be brought off the sidelines and into the labor force, the Federal Reserve said Friday, potentially bringing the labor market into a state of health it hasn’t enjoyed since the late 1990s.
Chairman Jerome Powell, who is scheduled to testify on the report next week, has maintained that the economic recovery could extend further by creating jobs for people who today are not actively looking for work. That argument goes against the Fed aggressively tightening monetary policy out of fear of higher inflation.
“I think the economy’s in a really good place,” Powell said Thursday in an interview with Marketplace.
[The] report also noted that some people who previously were sidelined by disability have been taking jobs as the unemployment rate has fallen.
Among people between the ages of 25 and 54, the prime “working age” years, participation has risen from as low as 80.5 percent in 2015 to around 82 percent.
That ratio, though, was above 83 percent before the financial crisis and above 84 percent in the late 1990s. Returning to that rate would mean millions more jobs.
Under President Trump, the American people have witnessed tremendous economic growth and can look forward to the creation of more jobs. Congress must work with Trump to continue revitalizing American industries.