Gianforte Statement on May Jobs Report
WASHINGTON – Congressman Greg Gianforte released the following statement in response to the U.S. Department of Labor’s May 2018 jobs report:
“Today’s jobs report continues the good news: our economy is growing stronger, wages are increasing, and unemployment is falling,” Gianforte said. “The pro-growth policies President Trump and congressional Republicans are enacting, from cutting taxes for hardworking Montanans to cutting red tape for Montana small businesses, are working. I’ll continue advocating policies that increase opportunities and improve the lives of all Montanans.”
The U.S. Department of Labor reported that the unemployment rate fell from 3.9 percent in April to 3.8 percent in May, the lowest since 2000 and matching the lowest rate since 1969.
The economy added 223,000 in May, exceeding analysts’ expectations. Economists polled by Bloomberg anticipated job growth of 190,000, while Reuters had projected 188,000.
Average hourly earnings increased 2.7 percent from a year ago, exceeding expectations and higher than the 2.6 percent from April.
The Federal Reserve Bank of Atlanta forecasts that the economy is growing at 4.7 percent in the second quarter of 2018, higher than the bank’s 4 percent estimate from a week ago and an increase over the 2.2 percent rate of the first quarter of the year.
Small business optimism reached another record high, according to the MetLife and U.S. Chamber of Commerce Small Business Index. The second quarter index reached 68.7, an increase of 2.4 points from the first quarter.