TRUMP EFFECT: Economy Roars in April, Shattering 50 Year Records
While Washington DC looks poised to burn to the ever-loving ground, politically, the nation itself isn’t doing too poorly when it comes to more tangible metrics.
Turning on the television today, you’re likely to hear all manner of commentary on the “RussiaGate” conspiracy theory. Barr this, Mueller that, yada yada yada. But there is a much more salient piece of news today that may bring a glimmer of positivity to the otherwise pedantic proceedings.
Nonfarm payroll growth easily beat Wall Street expectations of 190,000 and a 3.8% jobless rate.
Average hourly earnings growth held at 3.2% over the past year, a notch below Dow Jones estimates of 3.3%. The monthly gain was 0.2%, below the expected 0.3% increase, bringing the average to $27.77. The average work week also dropped 0.1 hours to 34.4 hours.
And that’s not all!
Unemployment was last this low in December 1969 when it hit 3.5%. At a time when many economists see a tight labor market, big job growth continues as the economic expansion is just a few months away from being the longest in history.
These numbers are fantastic, but they are being routinely sidelined by the media’s obsession with “getting” President Donald Trump.
For his part, the President has been touting his economic success, but many Americans and political pundits believe that Trump’s “best economy ever” lines could be expanded into more detailed commentary on the subject… especially given the continued and exponential fiscal successes we’ve experienced over the course of the last two years.
