Manufacturing is booming again in America. Production lines are rolling, smelters are aglow, and Made in America products are spreading around the globe. On this Manufacturing Day, Americans around the country can celebrate the growing manufacturing revival due to the tireless efforts of President Donald J. Trump and those in his Administration. We are focused on leveling the playing field and unleashing innovation to create more jobs in the United States.
The Trump Administration's economic policies are fueling new investments in plants and equipment – tax reform, the largest reduction and reform of federal regulations in history, and the renegotiation of imbalanced trade deals have generated a period of strong economic growth and more opportunities for American workers. Just a few days ago, we completed the negotiation of the new United States-Mexico-Canada Agreement, providing concrete gains and supporting high-paying jobs for American workers.
The economy grew at a rate of 4.2 percent last quarter, far higher than most thought possible a few years ago, and American businesses have added more than 4 million new jobs since the President was elected in November 2016. Unemployment is near record lows; the number of Americans filing for unemployment is at a 49-year low; incomes are rising; and there are more job openings than there are people looking for work.
At the same time, our policies are enabling American manufacturers to add jobs and contribute to a surging economy. Since the President took office in January 2017, the manufacturing sector has added 348,000 jobs, with year-over-year manufacturing job growth in 2018 increasing at the fastest rate since 1995. In 2017, U.S. manufacturers produced over $6 trillion in gross output, nearing the largest production values on record.