President Trump capped off American Dream Week by touting improvements in the economy since he assumed the presidency and praised his administration for "really moving along" and "bringing back our jobs."

In his weekly address, the president specifically cited the Dow Jones Industrial Average reaching an all-time high Wednesday, and the unemployment rate hitting a 16-year low in May as evidence his administration is helping to create jobs and boosting the economy.

"Prosperity is coming back to our shores because we're putting American workers and families first," Trump said. "The American dream has always been about doing what we love and doing it for the people we love. Whether serving in the armed forces, manufacturing goods, or starting a small business, our citizens pursue their aspirations and approve the lives of millions in countless, countless ways."

But Trump lamented how the "dreams of many Americans have been put out of reach by Washington" and said efforts to fund global projects allowed other countries to "drain our jobs and drain the wealth" of the U.S.

Meanwhile, Trump said, officials in Washington, D.C., raised taxes and created more regulations, which the president said took away Americans' ability to make money.

"But those days are over," he said. "My administration is working tirelessly on behalf of the American people. We have removed regulations and targeted unfair trade practices that are hurting Americans all over the world. We're ending the war on coal and unleashing American energy.

"We've introduced a plan to grow our economy and create more jobs. Factories and plants are coming back into Michigan, and Ohio, and Pennsylvania, and many other states. They're coming back instead of leaving like they have been for decades."

Trump also praised a new bill called the RAISE Act, which was introduced this week by Sens. David Perdue, R-Ga., and Tom Cotton, R-Ark., to move to a merit-based system for foreigners applying for legal permanent status.

The president endorsed the bill in a ceremony Wednesday.

"As I said in my address to Congress, the time for dreaming big, bold and daring things for our country has begun," Trump said. "When Americans are free to pursue their dreams, there is no limit to what we can achieve."