Have you seen the October jobs report? Before we dive into it, you’d better grab an oven mitt. This baby is hot!
Here is the rundown:
- Economists predicted the U.S. would create 190,000 jobs in October. Instead, the economy demolished estimates by creating 250,000 jobs.
- Worker pay rose by 3.1 percent on an annualized basis — this outpaced inflation and shows that American families are receiving real pay increases.
- The labor force participation rate ticked up 0.2 percent, signaling more Americans are re-entering the labor force as the Trump economy heats up.
The October jobs report was so good that economists on both sides of the aisle found rare agreement. Supply-side icon Arthur Laffer, who authored the new book Trumponomics on President Trump’s economic boom, said, “we could not have asked for a better jobs report.” Additionally, Joe Biden’s former chief economist Jared Bernstein tweeted this:
Pretty much everything you could want in a monthly jobs report. Payroll gains way better than expected, nice pop in labor force participation, wage growth continues to strengthen, finally beating inflation (real gains!). Score 1 for “room-to-run” crowd!
— Jared Bernstein (@econjared) November 2, 2018
Lastly, Jason Furman, former head of Barack Obama’s Council of Economic Advisers, offered more muted praise when he said, “I’m not seeing anything bad in this jobs report.” Of course you’re not, Jason. Obama isn’t president anymore.
President Trump celebrated the latest jobs report by tweeting:
Wow! The U.S. added 250,000 Jobs in October – and this was despite the hurricanes. Unemployment at 3.7%. Wages UP! These are incredible numbers. Keep it going, Vote Republican!
— Donald J. Trump (@realDonaldTrump) November 2, 2018
The latest jobs report illustrates how increasingly difficult it is to deny the economy’s strength under President Trump. Trump has given us the strongest economy in over a decade, and that’s something all Americans can celebrate.
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Photo credit: Gage Skidmore