The snow is falling, Christmas lights are shining, Donald Trump is president, and the economy is BOOMING!
There were 228,000 new payroll jobs added to our economy in November! Unemployment is remaining steady at 4.1 percent, and the Bureau of Labor Statistics claims this is better than expected.
While both Florida’s and Texas’s economies continue to recover from hurricanes, forecasters had expected 190,000 new jobs to be created in November.
But employers added 228,000 jobs in November, a lower drop-off from the 244,000 new jobs in October after Hurricanes Harvey and Irma.
November’s job numbers bring the 11-month total to more 1.9 million jobs this year. Under former President Barack Obama, the U.S. added2.2 million jobs in 2016, on top of 2.7 million jobs gained in 2015.
Moody Analytics Chief Economist Mark Zandi said, “The job market and the economy are strong,” he added, “It would be pretty hard to derail.”
The jobs numbers come as Congress continues to work on tax reform following the Senate passing an early Saturday morning bill that Republicans are now working to add the final touches to, which is set to slash the corporate tax rate.
“The unemployment rate remains at a 17-year low of 4.1%. The unemployment rate in manufacturing dropped to 2.6%, the lowest ever recorded. The unemployment rate among Hispanics dropped to 4.7%, the lowest ever recorded…”@SecretaryAcosta @USDOL pic.twitter.com/vou28s0yHN
— Donald J. Trump (@realDonaldTrump) December 8, 2017
The chairman of the president’s Council of Economic Advisers Kevin Hassett said”We’re at that point in the cycle where the market is tight enough that it’s really rewarding everybody.”
He continued, “If we could sustain growth at this level for another couple of years then the amount of progress we could make on income inequality and wage growth for middle America would be maybe even unprecedented.”
“Wage growth was not as strong as we’d like to see it,” Hassett added, “We fully expect that that’s going to accelerate next year if the tax bill passes.”