According to a new report from the Bureau of Labor Statistics, the unemployment rate dropped to 3.9 percent in April—the lowest level since the year 2000. Additionally, the unemployment rate among African Americans and Latinos fell to their lowest levels in recorded history.
The strong economic expansion that the U.S. has experienced over the last year is not accidental. It is largely a result of the new policies put into place by the current administration that have lowered taxes and reduced regulations. A key example is the passage of the Tax Cuts and Jobs Act—legislation that has reduced the tax burden on millions of Americans and small businesses.
The positive economic climate has also coincided with the highest small business owner optimism level since 2015. More specifically, according to the recent poll from Bank of America, 60 percent of small businesses expect revenues to increase, 22 percent plan to hire more people, 69 percent plan to expand, and 60 percent plan to grow over the course of the next year.
The economy is roaring and small businesses and their employees are reaping the rewards. Hopefully, the trend continues and Americans from coast to coast benefit further.