Today’s Campaign Update, Part II
(Because The Campaign Never Ends)
The Trump economy continues to surprise all the “experts,” vastly surpassing pre-market expectations by posting a whopping jobs gain of 263,000 for the month of April. Here’s a summary from Fox Business:
The unemployment rate dropped to 3.6 percent, beating analysts’ expectations of 3.8 percent. The labor force participation rate, meanwhile, was little changed at 62.8 percent, from 63 percent the month prior. Average hourly earnings – which investors were closely watching for signs of inflation – rose by 6 cents to $27.77. Over the year, average hourly earnings have increased by about 3.2 percent, slightly missing expectations of 3.3 percent.
A majority of the job creation was concentrated in the professional and business services, which added 76,000 jobs in April. Construction employment rose by 33,000 jobs, while employment in the health care sector expanded by 27,000 jobs. Financial activities job creation ticked up by about 12,000. Manufacturing, however, was little changed for the third month in a row: Only 4,000 jobs were created in this sector during April, and over the past 12 months, the industry added a measly 22,000 jobs per month.
The job creation in April marks the 119th month of straight gains. Over the past year, the economy has added an average monthly gain of 213,000 jobs.
Here is even more incredible news contained in this jobs report:
- Adult women unemployment rate – 3.1%, an all-time low;
- Hispanic unemployment rate – all-time low of 3.6%;
- Black unemployment rate – remained unchanged at 6.7%, an all-time low;
There were pockets of less-encouraging news, but overall this jobs report is stunningly good, one that surpassed “expert” expectations by a full 40%.
President Trump continues to prove what an amazing driver of economic growth and job creation the U.S. economy truly can be when it is unleashed from the shackles of over-regulation.
That is all.
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