Jobs Smash Estimates With Gain of 250,000, Wage Gains Pass 3% for First Time Since Recession
The new jobs numbers released this morning are a homerun for American workers: “Job growth blew past expectations in October and year-over-year wage gains jumped past 3 percent for the first time since the Great Recession,” Jeff Cox reports for CNBC.
“Nonfarm payrolls powered up by 250,000 for the month, well ahead of Refinitive estimates of 190,000. The unemployment rate stayed at 3.7 percent, the lowest since December 1969... But the bigger story may be wage growth, which has been the missing piece of the economic recovery.”
The President announced that “he is working on an executive order to deny automatic entry to the U.S. to illegal immigrants claiming asylum unless they go to a legal port of entry.” The Administration’s goal is to “end the rampant abuse of our asylum system.”
In CNS News, Terence P. Jeffrey reports that “manufacturing jobs in the United States increased by 32,000 in October and have now increased by 434,000 during the presidency of Donald Trump, according to data released today by the Bureau of Labor Statistics.” American manufacturing employment peaked in 1979 and has been making a comeback under President Trump.
The Investor’s Business Daily editorial board poses this question: Are Americans better off than we were two years ago? “In the first three quarters of 2016, quarterly GDP growth was an anemic 1.5%, 2.3% and 1.9%. This year, quarterly GDP growth has been a far more robust 2.2%, 4.2% and 3.5%.” This turnaround under President Trump was not only unexpected “but deemed impossible by Democrats, who were trying to convince the public that 2% growth was the best this country could do.”