Friday’s outstanding jobs report is the culmination of two years of strong economic growth but with an additional 4.8 million Americans now working since Trump took office, it isn’t just good news for the investment class.
The U.S. economy added 312,000 jobs in December, Friday’s jobs report said.
According to Bloomberg:
Nonfarm payrolls increased by 312,000 in December, easily topping all forecasts, after an upwardly revised 176,000 gain the prior month, a Labor Department report showed Friday. Average hourly earnings rose 3.2 percent from a year earlier, more than projected and matching the fastest pace since 2009. Meanwhile, the jobless rate rose from a five-decade low to 3.9 percent, reflecting more people actively seeking work.
By the way, the jobless rate rising is not exactly a bad thing.
As Bloomberg notes, the worker participation rate “rose to 63.1 percent — the highest since September 2017 — from 62.9 percent.”
The unemployment number going up a bit is actually good news. What happened is that 400,000 people re-entered the job market looking for work. So, for the first time in a decade these people who were thought to be chronically out of work felt the market was hot enough to try and re-enter the work force.
“The Trump economy is making America great again as the government dependency cycle is being broken more and more each day through the best social program invented — a real, productive, meaningful job,” the president of Americans for Limited Government (ALG), Rick Manning, said in a statement.
“Let’s hope that Speaker Pelosi doesn’t mess it up with higher spending and tax increases,” he added. “Rather than seeking to impeach the President, the Democrats in Congress should be looking for ways to work with him to increase the wealth effect being created through this virtuous economic cycle.”
America continues our historic reversal of the Democrats death sentence for the manufacturing sector with more than 500,000 manufacturing jobs created over the past two years with 32,000 new jobs in December alone. And overall, 2.88 million more Americans are employed now than were in December of 2017, and 4.8 million since President Trump took office.
Once again, America owes Donald Trump a debt of gratitude.
Follow Warner Todd Huston on Twitter @warnerthuston.