Congressman Bob Latta (R-Bowling Green) released the following statement after the Bureau of Labor Statistics’ October Jobs Report showed the creation of 250,000 new jobs, wages up 3.1% over a year ago, and the labor participation rate on the rise.
“Another month, another strong jobs report showing that our economy is growing, jobs are being created, and wages are on the rise” said Latta. “From 1970 through 2017, there were only five months total where unemployment was below 4%. We’ve passed that in 2018 alone as six months have seen the unemployment rate under 4.0%. Wage growth is the strongest it’s been in a decade. Manufacturing grew by 32,000 jobs. The labor participation rate jumped by 0.2%, meaning that people are getting off the sidelines and getting back to work.
“That’s why it’s so concerning that there seem to be so many that want roll back the policies that have led to our economy rolling. Tax relief and regulatory reform have made all the difference. Yet, we continue to hear that many politicians want to raise taxes on the middle class and force small businesses to comply with more regulations and government red tape. We can’t afford to go backwards. Let’s continue the policies that are leading to bigger paychecks for hardworking families, American businesses that are expanding, and an economy that is soaring.”
In addition to the jobs report, recent calculations by the Bureau of Economic Analysis and Council of Economic Advisers have put in perspective what the growing economy has meant in Ohio. They found:
- Under President Trump and a Republican Congress, real household median income in Ohio has grown by 8.4%
- Monthly initial claims for unemployment insurance in Ohio have fallen by 24.2% since the 2016 election
- The percentage of Ohioans living below the poverty lines decreased by one percentage point to the lowest rate since 2006
- Ohio’s unemployment rate has fallen to its lowest rate since 2006
- Manufacturing employment in Ohio has increased by 2.5%, now over 700,000 employees