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Economy

Trump Winning: U.S. Unemployment Rate Falls to 50-Year Low of 3.5%

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The Trump economy is still barreling ahead and firing on all cylinders with the latest unemployment rate hitting 3.5 percent, a 50-year low.

The U.S. economy added 136,000 jobs over the last reporting period, according to the U.S. Department of Labor report issued on Friday.

Unemployment fell from 3.7 percent to 3.5, according to the numbers issued.

It should also be remembered that these numbers are often revised downward after a few weeks, too.

Trending: Trump Has Completely Revamped the 9th Circuit Court

However, average hourly wages slipped… but only by a penny.

Hourly pay rose 2.9% from last year, which is lower than the 3.4% registered at the beginning of the year.

Still, the trade war with China did contribute to a slowing of new hiring. Even with this, the economy has averaged 157,000 jobs over the last three months.

Unemployment rates for Hispanics fell to a slightly higher 3.9 percent, but that is the lowest number for Hispanics since the metric has been recorded.

In addition, the unemployment rate for black men fell to 5.4 percent in September, the lowest level since December of 1973.

Naturally, the president celebrated the numbers on Twitter:

Finally, it is clear that the economy and the stock market are utterly ignoring the Democrat’s talk of impeaching President Trump. Democrat blather has had no impact on the way things are going in the business sector and this means the impeachment talk is not being taken seriously at all.

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Economy

Trudeau’s Liberal Canada Lost 71,000 Jobs as Trump’s America Gains 200,000

It looks like Trump has gotten the last laugh this year, as Canada’s jobs market has crashed while America’s continues to grow.

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Canada’s left-wing Prime Minister constantly sneers at America, but it looks like Trump has gotten the last laugh this year, as Canada’s jobs market has crashed while America’s continues to grow.

The latest example of the black-face-wearing PM attacking America occurred during last week’s NATO summit where Canadian PM Justin Trudeau was heard attacking Trump.

But only days later, it was reported that Canada’s unemployment rose to 5.9 percent from the 5.5 percent recorded last month.

Canada’s jobs numbers crashed, too, of course. Manufacturing jobs fell by 27,500 in Canada, and in total our northern neighbor lost 71,200 jobs in the country’s last reporting period.

Meanwhile, in the U.S. times are more than good. They are excellent.

According to the latest report by the Bureau of Labor Statistics, November’s jobs numbers are the best in a year meaning that the left’s claim that the economy is slowing or even failing is a complete lie.

The number of new jobs in Donald Trump’s economy in November hit a one-year high making November the third time this year that more than 200,000 jobs were created in a single month.

The unemployment rate is still at rock bottom lows, but the civilian participation rate dropped a small amount.

One reason for the gain is the same reason that last month’s numbers were a bit lower than they might have been, and that is the auto worker’s strike. With the end of the strike, more jobs flooded into the growth column whereas the strike helped impede new job creation in October.

As the BLS reported:

Total nonfarm payroll employment rose by 266,000 in November, and the unemployment rate was little changed at 3.5 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in health care and in professional and technical services. Employment rose in manufacturing, reflecting the return of workers from a strike.

Both the unemployment rate, at 3.5 percent, and the number of unemployed persons, at 5.8 million, changed little in November. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (3.2 percent), adult women (3.2 percent), teenagers (12.0 percent), Whites (3.2 percent), Blacks (5.5 percent), Asians (2.6 percent), and Hispanics (4.2 percent) showed little or no change in November. (See tables A-1, A-2, and A-3.)

The BLS also noted that the number of long-term unemployed essentially stayed the same, and the labor participation rate was more or less statistically unchanged, though it went up a tad over October’s number.

Granted, some of this job creation was for seasonal jobs for the holidays. Still, the numbers add up to about 205,000 new jobs created each month during September, October, and November.

Average wages also crept upward a tick setting the annual wage growth to 3.1 percent thus far this year.

Finally, part-time jobs actually decreased while full-time jobs increased, shooting down another of the left’s talking points that part-time jobs are floating a false impression that the economy is good.

This is all positive growth nearly across every metric, folks. This is not the sign of a false economy, but a sign of a vibrant, and strong economy.

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Economy

Trump Economy Tackles Turkey Day as Holiday Hosts Revel in Stuffing Savings

Any excuse for more pumpkin pie is okay in my eyes.

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When the American people headed to the polls in November of 2016, they broke the mold.

Instead of sending yet another sneering and jeering politician to The Beltway, they sent a businessman.  They sent a CEO of considerable talent and success, and a man whose name is synonymous with wealth…at all costs.

This wasn’t because they wanted Trump to neatly and quietly slip into the West Wing and start snipping away at the purse strings.  No, they sent Trump to Pennsylvania Avenue as a wrecking ball, set to pick through the rubble of Washington DC to keep what pieces may still fit within the populist playbook.

Given Trump’s CEO-in-Chief emphasis, it came as no surprise that the economy would be one of the most positively affected aspects of our national outlook.  After all, this is the man who wrote The Art of The Deal.

And, of course, there are some major economic signals out there for us to judge his success on, including the stock market and its ever-higher highs.

But there are little things to be recognized too, including the cost of that Thanksgiving meal we’re all looking forward to later this week.

The cost of a traditional Thanksgiving feast for 10 will be $48.91, according to the American Farm Bureau’s annual survey of classic items found on the Thanksgiving Day dinner table. That’s up just one penny from last year’s average of $48.90.

“The average cost of this year’s Thanksgiving dinner is essentially unchanged from last year, after three years of decline since 2015,” said AFBF Chief Economist Dr. John Newton.

Adjusted for inflation, however, the cost of Thanksgiving is actually down to $19.13, the lowest level in more than a decade.

The price of Turkey is down 4 percent from last year, at $20.80 for a 16-pound bird. That’s the lowest since 2010.

In news near and dear to my own heart, the prices of both pumpkin pie and stuffing have declined as well, and any excuse for more pie is A-okay in my book.

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Economy

The Trump Economy Has Been Better for the Middle-Class Than Any Ever

Trump has been the best president for the middle-class than any in recent memory. The data doesn’t lie, according to Steve Moore.

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Trump has been the best president for the middle-class than any in recent memory. The data doesn’t lie, according to Steve Moore.

Moore notes that the median household incomes under President Trump have risen from $61,000 to an all-time high of $66,000 only three years into the Trump era, he told Fox News.

“The $5,003 rise in middle-class incomes is especially impressive given that incomes only rose by $1,200 in the seven years under Obama — after the recession ended,” Moore said.

Moore went on to slam the Democrats for not caring about the common man because they have refused to celebrate the uptick for incomes.

Not only have the Democrats refused to celebrate this fantastic economy, they are utterly ignoring it and allowing surrogates to claim that the country is hurting.

Many on the right have remained quiet on the president’s success, too.

It has been left to the president to bring attention to this amazing record.

“The income numbers are prima facie evidence that not only the rich, but the majority of middle-income households have benefited financially from the Trump economic boom,” Moore wrote. “This same data also undermines the other riff from the Elizabeth Warren crowd, which is that the Trump economic boom is merely a continuation of the Obama trend. The income gains are four times higher under Trump in less than half the number of years in office.”

Moore added that just ahead of the 2020 election, the leftist media is working overtime to undermine the facts about the booming economy.

“Three years into the Trump presidency there is no calamity and there is no recession. Trump is right to recite real and legitimate data that substantiates the on-going middle-class boom in America today. It isn’t Trump, but his accusers who are engaged in “rambling distortions” and who deserve Pinocchio noses,” Moore concluded.

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Economy

Trump Capping Longest Economic Expansion in U.S. History

President Donald Trump’s stewardship of the economy has contributed to the cultivation of the longest economic expansion in U.S. history.

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The economic policies of President Donald Trump have resulted in continued growth and his stewardship has contributed to the longest economic expansion in U.S. history.

With the third quarter of 2019 having come to an end, the US. economy has expanded for each quarter for the last ten years with the greatest growth being seen starting in 2016, the White House reported on Wednesday.

Indeed, the growth rate during the Trump administration exceeded the Congressional Budget Office’s (CBO) estimates.

“In its final projection before the 2016 election, the Congressional Budget Office (CBO) estimated that real GDP would grow at a 2.1 percent annual rate in the first 11 quarters of a new Administration,” the report states. “Instead, under President Trump, real GDP as of the third quarter has grown at a strong 2.6 percent annual rate since the election.”

The president’s growth rate is 1.2 percent over the CBO’s projections.

Trump’s 2.6 average growth rate stands in contrast to the Obama administration’s lower 2.2 percent annual rate according to CBO numbers.

Even more amazing, despite his trade impasse with China, Trump’s U.S. economy is the only major world economy that has had a more than two percent growth rate.

CBO estimates also point out that Trump’s growth rate would have been higher this quarter if it weren’t for a strike at General Motors and the troubles facing Boeing over its seemingly doomed 737 Max airliner.

Per the report:

Most importantly, today’s GDP release demonstrates that America’s workers benefit the most from continued economic expansion. American consumers continue to drive the economy with robust growth in spending and income. Real consumer spending grew 2.9 percent at an annual rate in the third quarter, up from a 2.6 percent pace during the preceding four quarters. Real disposable personal income—a measure of income that is measured after accounting for taxes—also increased at a 2.9 percent annual rate in the third quarter.

Bu even better news is the fact that most of the new jobs are being filled by people who have finally emerged from chronic unemployment. This higher “labor participation rate” means that people who have been unemployed so long that they had fallen off the unemployment calculations are no back working for the first time in years.

According to the report, 73.7 percent of workers entering employment came from outside of the labor current force rather than from the more recent ranks of the unemployed, the highest share since the series began in 1990.

“Given the record length of the economic expansion,” the report concludes, “positive GDP growth points to the economy remaining strong in future quarters. With a 50-year low in the unemployment rate, further economic expansion will continue increasing wages and allowing more Americans to share in the benefits of a growing economy.”

Follow Warner Todd Huston on Twitter @warnerthuston.

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Economy

Trump’s U.S. Economy Still Strong Despite Trade War and Global Economic Downturn

Heading into the 2020 election season, the U.S. economy remains strong even in the face of a global economic downturn and the U.S. trade war with China.

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Heading into the 2020 election season, the U.S. economy remains strong even in the face of a global economic downturn and the U.S. trade war with China.

The hard data shows that international pressure has not put much of a dent into economic growth in the U.S., according to CNBC.

CNBC reports that hard data on unemployment, jobs creation, retail sales, and other indicators show a strong U.S. economy despite the naysaying of forecasters.

On jobs, the unemployment numbers are lower now than they have been for fifty years. And retail sales grew more than expected in August proving that a slowdown did not happen even after forecasters thought we would see a softening in public spending.

CNBC also shows that “soft data” (stock trading) also shows that things are not as bad as forecasters predicted.

Soft data is often seen as a leading indicator of the economy and the recent batch has stoked fears of a recession as the U.S.-China trade war drags on. But those fears may be overblown as the hard data shows the U.S. economy remains strong.

“While the survey data have been steadily disappointing expectations, hard data have been a source of positive surprises,” said Doug Peta, chief U.S. investment strategist at BCA Research. “The labor market remains vibrant enough to exert downward pressure on the unemployment rate, and services continue to expand despite the contraction in manufacturing, both here and abroad. The expansion has slowed, but it’s not finished yet.”

Even with the trade war with China, spending remains high, jobs remain strong, and private sector growth continues.

Now, many forecasters also say that it looks like the Fed will cut rates slightly again this week.

According to financial magazine Barron’s, the Federal Reserve is poised to implement another quarter point rate cut this week.

The economy in the U.S. is so strong that investment guru Mark Mobius thinks that there is no recession worries and that it will all probably mean that Trump will win a second term.

“I don’t see a recession risk,” Mobius said. “The simple reason is that with interest rates going down and down, it will be much easier for people to raise capital. There is a lot of money sloshing around the world looking for a home.”

“There might be a slowdown as a result of the trade war, but I don’t see a recession soon,” he continued.

The economic strength means a Trump victory in 2020. “At this stage, I think he will definitely get re-elected,” Mobius concluded.

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Economy

Support for Trump’s ‘America First’ Trade Policy at All Time High

Support for President Donald Trump’s style of economic policy is at a 25-year high, according to the Gallup polling agency.

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Support for President Donald Trump’s style of economic policy is at a 25-year high, according to the Gallup polling agency.

Gallup research found that support for an “America First” trade policy is stronger than ever and began growing by leaps and bounds once Trump entered the White House.

“‘America first’ makes sense to Americans on trade,” a new Gallup analysis of polls conducted in the past two years revealed to readers. The polling firm compared historic data dating back to 1997.

“Bipartisan consensus has emerged that foreign trade is good,” Gallup senior analyst Lydia Saad added. “Americans’ broad view of trade is the most positive it has been in more than a quarter-century.”

Clearly Trump’s populist ideas on trade are extremely popular.

“As of February 2019, nearly three in four U.S. adults (74%) believe trade represents an opportunity for economic growth through increased U.S. exports,” Saad continued. “Barely one in five (21%) see trade as more of ‘a threat to the economy from foreign imports.”

Saad also said support for an America First trade scheme is bipartisan, too.

“Both Republicans and Democrats have become more positive about trade over this period of improving economic conditions,” she said. “However, support for trade among both groups jumped sharply after Trump took office in 2017.”

The Gallup poll numbers report the following data:

1). 70% of Americans say trade with other nations has a positive effect on “innovation and development of new products.”

2). 67% say international trade has a positive effect on U.S. economic growth.

3). 63% say trade has a positive effect on American businesses,

4). 58% say trade has a positive effect of the quality of products.

5). 51% say trade has a positive effect on jobs for U.S. workers.

Follow Warner Todd Huston on Twitter @WTHuston.

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