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.”
No comments:
Post a Comment