“Stellar.” “Blowout.” “Blockbuster.” That’s how even left-leaning analysts described Friday’s stunning jobs report.
The US economy continues to steam ahead under President Trump, despite a global slowdown — with big gains for Main Street, not just Wall Street. The only ones in denial: Democrats, who are bidding to undo Trump’s work.
The good news included not just employment rising far above expectations, but a bump in median earnings, too.
With 266,000 net new jobs, November was the nation’s 110th straight month of job gains. The Labor Department also made upward revisions to its numbers for September and October, adding 41,000 jobs to previously reported gains and taking the three-month average to 205,000, a 10-month high.
The strong job market is also tempting people who’d given up to again start looking for work, so the official unemployment rate dipped only slightly, to 3.5 percent — but that still matches a 50-year low. And average hourly earnings were up 3.1 percent over November 2018, to $28.29.
Again, the gains are broad and deep. Minorities continue to see record or near-record low unemployment rates, with blacks at 5.5 percent and Hispanics at 4.2 percent. And recent research from Bloomberg News shows that the Trump-era recovery has most benefited those in the lowest 40 percent of incomes.
Democrats pretend it has nothing to do with Trump — even though solid economic growth, with jobs gains for all, is exactly what he promised his policies would deliver, and exactly what Democrats said they wouldn’t produce.
Thus New York’s Rep. Carolyn Maloney, the top Dem on Congress’ Joint Economic Committee, found some clouds to wrap around the silver lining of Friday’s news: “The job market has shown remarkable resilience in the face of the president’s increasingly erratic trade policies. But let’s not forget that Americans in many communities and parts of society still find it hard to get a well-paying job.”
At least she mentioned the job market. Democratic 2020 front-runner Joe Biden this week told CNBC’s John Harwood that the nation is headed for recession.
Which it might be, if he or one of his rivals manages to win next November. Biden is calling for $3.4 trillion in tax hikes over 10 years — roughly twice the hit that Hillary Clinton ran on in 2016. Meanwhile, Pete Buttigieg wants $7 trillion and Liz Warren at least $26 trillion.
Equally important, any Democrat in the White House would end Trump’s drive to reduce Washington’s regulatory burdens on the private sector — and restore the Obama-era expectation that fresh hits would keep on coming.
Solid employment growth; steady wage gains; economic progress for all sectors of society: Trump’s success is impossible to deny. No wonder Democrats are doing their best to ensure that all the headlines are about impeachment.
Business - Latest - Google News
December 07, 2019 at 02:33AM
https://ift.tt/2YqNQnI
Jobs report delivers 'stellar' news — so why do Dems want to impeach Trump? - New York Post
Business - Latest - Google News
https://ift.tt/2Rx7A4Y
Bagikan Berita Ini
0 Response to "Jobs report delivers 'stellar' news — so why do Dems want to impeach Trump? - New York Post"
Post a Comment