With only four scant days remaining before the national midterm elections are completed, Donald Trump just stuck another huge feather in his economic cap.
In the run-up to this all important day, President Trump has been unflinching in his rhetoric out on the campaign trial; a place that he clearly relishes, as evidenced by his powerful and enthusiastic verbiage when addressing his adoring crowds. This seems to be where the President is most comfortable, listening directly to his constituents out in the field. His message has been a strong one this go-round, as he very well may see the writing on the wall should the republicans lose the house and/or the senate next week.
But, in a timely announcement that should help to push the GOP over the top, our national jobs report dropped today and brought with it some incredible news for the President.
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, the Labor Department reported Friday.
Nonfarm payrolls powered up by 250,000 for the month, well ahead of Refinitiv estimates of 190,000. The unemployment rate stayed at 3.7 percent, the lowest since December 1969.
“The job market is doing remarkably well, particularly this late in the expansion,” said Jim Baird, partner and chief investment officer for Plante Moran Financial Advisors. “This report adds yet another data point to a narrative that has been positive for the labor market this year. Little seems to stand in the way of the economy finishing 2018 out on solid footing.”
And that wasn’t all.
The ranks of the employed rose to a fresh record 156.6 million and the employment-to-population ratio increased to 60.6 percent, the highest level since December 2008, according to the department’s household survey. That headline jobless number stayed level even amid a two-tenths of a percentage point rise in the labor force participation rate to 62.9 percent.
Now it will be up to President Trump to parlay this information into votes in his final midterm blitz of 2018.
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