The U.S. economy under President Trump is flourishing, as the new October jobs report shows that despite the General Motors autoworkers strike, nonfarm payrolls rose by 128,000, far more than Dow Jones had predicted prior to October. The rise came in the face of 42,000 jobs lost in the motor vehicles and parts industry.
Additionally, as CNBC noted, “August’s initial 168,000 payrolls addition was revised up to 219,000, while September’s jumped from 136,000 to 180,000 … The pace of average hourly earnings picked up a bit, rising 0.1% to a year-over-year 3% gain.”
In good news for black Americans, their unemployment rate dropped to a record low — 5.4%. The total employment level rose to a new top rate of 158.5 million.
Steve Rick, chief economist at CUNA Mutual Group, told CNBC, “This report is yet another sign that the economy is still strong right now and adds to a list of indicators that are looking optimistic of late. The vigor of this labor market, along with a more positive housing market and solid Q3 GDP, should offer some welcome reassurance.”
Citigroup economist Andrew Hollenhorstechoed, “The October jobs report is unambiguously positive for the U.S. economic outlook. Above-consensus hiring in October, together with upward revisions to prior months, is consistent with our view that job growth, while clearly slower in 2019 than in 2018, will maintain a pace of 130-150K per month. Wage growth remaining at 3.0% should further support incomes and consumption-led growth.”
In August, President Trump, aware that the perception of how the economy is doing can affect consumers’ behavior; and also aware that Democrats’ incessant warning of a recession might be politically motivated, tweeted:
The Economy is strong and good, whereas the rest of the world is not doing so well. Despite this the Fake News Media, together with their Partner, the Democrat Party, are working overtime to convince people that we are in, or will soon be going into, a Recession. They are willing to lose their wealth, or a big part of it, just for the possibility of winning the Election. But it won’t work because I always find a way to win, especially for the people! The greatest political movement in the history of our Country will have another big win in 2020!
Rep. Jim Jordan (R-OH) told reporters:
Some of the Democrats are trying to say the world’s going to end tomorrow as far as the economy goes. But when I talk with business leaders — I talked with some this morning in Wapakoneta — and they’re like, “We’re turning down jobs because we’re swamped.” I don’t see what the Democrats are pushing right now. It’s kind of troubling to think some Democrats, it appears they’re almost wishing for a recession because they think it helps them politically instead of focusing on what’s best for our country. And obviously a recession is never good for our country … Like I said, most indicators right now are very positive and have been positive. I think confidence is still strong. I think confidence started to get strong about 4 a.m. on Nov. 9, 2016, when it was announced that President Trump was going to be our next president.