You can’t deny the facts. The economy is booming, U.S. consumer confidence is at an 18-year high, and Americans in every demographic are celebrating financial success — from pay raises to lower taxes to higher rates of business ownership.
Optimism is up and unemployment is down. The poverty rate has fallen to its lowest level in 18 years. Median household income is currently at $65,976, an 8.2% increase since January 2017.
And there’s more good news. Over the last year, average wages for workers in the private sector have increased 3.1% as of November, which marks the 16th month in a row now that wages have been higher than 3%. That means that real wage growth for a full-time worker earning the average wage was more than $1,000 (assuming inflation holds steady this month).
This is the economy everyone dreams about—and opportunity for all is skyrocketing.
Take a look at some of the groups who have benefited from the Tax Cuts and Jobs Act, decreasing regulations, and other financial incentives that have gotten our economy moving again.
Blue Collar Workers
There have been nearly half a million manufacturing jobs added since 2016. And over 4 million Americans received raises or bonuses because of tax reform. On top of that, wages are growing at their fastest pace in a decade.
The unemployment rate for black Americans hovers near historic lows at 5.5%. The employment gap between black and white workers is also narrowing and the unemployment gap between blacks and the general population has fallen.
Additionally, there are 2.4 million small businesses owned by black women, making these women the only racial minority with more business ownership than their male peers.
The youth unemployment rate is 8.0%, which has gone down by nearly half since 2017. By the end of summer 2018, the youth employment rate went from 2 million to 20.9 million as those ages 16-24 picked up summer jobs. In fact, the youth unemployment rate is the lowest it has been in over 50 years
The small business optimism index is at record highs, meaning more people will take a chance on entrepreneurship and business growth. On top of that, 1/3 of business owners report raising wages in the last year.
The female unemployment rate is 3.5%. There are an estimated 12.9 million women-owned businesses. That's an 11% increase since 2016 when there were 11.6 million* women-owned firms. Women started an average 1,817 new businesses per day in the U.S. between 2018 and 2019, greater than the daily average created before, during and after the recession through the end of the Obama Administration. And women franchise owners now make up 42% of the market, up from 20% just five years ago.
The unemployment level is at its lowest rate since 1969, and the average tax cut for a typical family of four was $2,059. Not only that, but job openings are at a record high of 7.6 million.
The female unemployment rate is 3.5%. There are an estimated 12.9 million women-owned businesses. That's an 11% increase since 2016.
The unemployment rate for black Americans hovers near historic lows at 5.5%.
The Hispanic/Latino unemployment rate is the lowest on record. Under President Obama, Hispanic unemployment averaged 1.9% higher than the general population. But under President Trump, the unemployment gap has narrowed to about 0.5% for Hispanics.
There are nearly 11 million minority-owned businesses across the United States, but firms owned by women of color grew at nearly three times the rate (163%) of women-owned businesses and account for half of women-owned businesses. Asian-American owned businesses have seen revenue soar to $965 billion, a 38% increase.