Washington, D.C. — Today, the U.S. Bureau of Labor Statistics released May’s employment situation, showing 75,000 jobs gained over the month, an unemployment rate of 3.6 percent, and wage growth of 3.1 percent over the year. In response, Center for American Progress Economist Michael Madowitz released the following statement:
Today’s report shows that the momentum of an expansion that began a decade ago continues to be just strong enough to balance the counterproductive moves from the White House, at least for now. Acknowledging a growing chorus of concern as to whether this trend can hold indefinitely, the Federal Reserve issued signals that it is preparing to help cauterize any self-inflicted wounds from the administration’s latest trade stunt. Still, the unemployment rate is at a 50-year low, and job growth remains positive—even with this month’s slowing.
Unfortunately, the administration is much more focused on making things better for corporations and the wealthy than for workers. The tax bill remains a boon to the wealthy. Corporations have not responded with the promised investments; business investment in equipment and structures has remained weak. Meanwhile, the administration is again proposing tax increases on working families as a bargaining chip in immigration discussions. There are, of course, numerous options to make the tax system more fair and grow the economy, but they don’t seem to be on the table right now.
For more information or to speak to an expert contact, Julia Cusick at gro.ssergorpnacirema@kcisucj or 202-495-3682.