In this era of Trump, the U.S. unemployment rate has dropped to its lowest rate in 50 years.
The jobless rate has fallen to 3.7 percent in September, the lowest since 1969 according to the Bureau of Labor Statistics. That is down even more from the 3.9 percent reported in August.
According to NPR:
Average earnings rose 8 cents, to $27.24 per hour last month. But wage growth slowed, with average hourly earnings up 2.8 percent from a year earlier, compared with a 2.9 percent increase in August.
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Private economists had forecast that the economy would pick up 180,000 jobs in September. The net jobs created in July and August were revised sharply upward by a combined 87,000 — offsetting September’s weaker showing.
The Federal Reserve said the labor market, “has continued to strengthen and … economic activity has been rising at a strong rate. Job gains have been strong, on average, in recent months, and the unemployment rate has stayed low.” The Fed is forecasting the economy will grow 3.1 percent this year — that’s up from the 2.8 percent it projected in June.
This is all just another example of how the economy has kicked into gear thanks to President Donald Trump.
Only last week economists noted that the U.S. economy is the only one of the world’s major economies that is still growing. The economies of all other major countries have either stagnated or are retracting.
Recent stories about the world’s economies have found that in the third quarter, the American economy is the only world economy showing any growth. Indeed, the economy of every other major nation shows that their growth rate is either stagnant, or slipping.
The good news about the Trump economy may have not gone unnoticed among economists, but the media is pretty much ignoring the good news.
But, as Investors Business Daily reported:
The fact that the U.S. appears to be pulling away from the rest of the world hasn’t gone unnoticed, at least not in the White House. At a speech last week at the Economic Club of New York, Trump’s top economic adviser, Larry Kudlow, said “the U.S. is the hottest economy in the world today. We’re crushing it.”
But wait a minute.
For some time now, the “experts” have been telling us that the U.S. was just riding a global growth wave. The improved economy here had nothing to do with Trump’s deregulatory efforts, or his pro-growth tax cuts, or the sharp uptick in optimism once he got elected.
Now it appears that the U.S. economy is accelerating, while the rest of the world is in neutral
And according to CNBC’s Global CFO Council report, the U.S. economy is listed as “improving” while the rest of the world’s major economies are either merely “stable” or are “declining.”
Follow Warner Todd Huston on Twitter @warnerthuston.