UPDATE 8/24/2020: Remember Americans, this is what America’s Job Creator Donald Trump did for you before the Chinese stepped in with their world-economy-killing COVID-19!
Originally posted December 9, 2019.
Only a crazy person would think of replacing a jobs-creating doer like President Trump with any of the job and IRA killing Democrats running against him. The WSJ reports that the jobless rate dipped to a 50 year low last month. They write (abridged):
The U.S. job market strengthened in November, as hiring jumped and unemployment returned to a half-century low, adding fuel to the economic expansion.
Employers added 266,000 jobs last month—the fastest pace since 312,000 in January—and the jobless rate dipped to 3.5%, matching September as the lowest level since 1969, the Labor Department said Friday. Wages also advanced, up 3.1% from a year earlier.
“This is a ‘who would have thought moment?’” said Becky Frankiewicz, president of staffing company ManpowerGroup’s North America division. “No one would have ever guessed we could be sitting at 3.5% unemployment with 110 months of job gains.”
The stronger pace of hiring this fall could help juice the broader U.S. economy, which is still expanding but at a slower pace than last year.
Evidence suggests the resilience of households is poised to continue. Americans’ view of the economic outlook improved significantly so far in December, according to a University of Michigan consumer-sentiment survey released Friday.
Wages are growing faster for rank-and-file workers than some in higher pay brackets. Further pickup in pay could be a key lever behind faster labor-force growth, which would help fill some employers’ appetite for workers at a time of low unemployment.
Read more here.