At this point, you just expect a good jobs report. It’s all we’ve had since 2017, and October was no exception. Let’s break down the numbers. For starters, job growth beat expectations. We were banking on 80,000 new jobs. We got 128,000 new jobs instead.
Keep in mind that this was during a major manufacturing strike, which means this number is an underestimate. Speaking of underestimates, the past two months were revised up. It turns out we created 100,000 more jobs than we thought.
At the same time, we saw 325,000 new Americans start looking for work. These were people who gave up under Obama. Even better, a bunch of them already found work because unemployment is still at 3.6 percent.
Even better yet, those new jobs were probably good jobs because wages grew by 3 percent again. This jobs report isn’t a win; it’s a destruction of economic problems. If the economy were baseball, President Trump would be up by 10 runs in the first inning.
We can even better understand the power of these consistently impressive jobs reports when we add a little context. The left has done everything they can think of to try to make the economy look bad. They say, “sure jobs are growing, but wages are stagnant.” Unfortunately, that was only true under Obama. We’ve now seen more than a year of consecutive 3-percent wage growth. That hasn’t happened since before the Great Recession.
They also say the tax cuts were for the rich and didn’t work. Well, over 90 percent of Americans are paying less in taxes today than they did two years ago. At the same time, tax revenue is up, and we’ve seen a bunch of new jobs and higher wage growth. All of it is tied back to the tax cuts.
Finally, the left will try to point out that job growth has slowed in the past two years. Here’s the thing. Jobs reports look at the number of additional filled positions. If you leave your current job for a better one, that isn’t a plus one on the jobs report. That means that we have more people working now than at any point under Obama.
More importantly, we saw job growth accelerate under President Trump, even after unemployment hit 5 percent. That can only happen in an extraordinarily positive and stable economy.
We aren’t riding high on a debt bubble. This economy is based on jobs, and that’s the best kind of good economy to have.
All of this job growth happened during the peak of the trade war with China. Now, both President Trump and China are signaling a de-escalation of that trade war. Both sides have announced that they will scale back tariffs, and they’re both saying that there’s a formal deal that is close to being signed. We don’t have all of the details yet, but this is by far the best indication we’ve seen that the trade war will end. That can only lead to even more economic prosperity.
In the end, President Trump was right about everything. He didn’t start the trade war until after he had confirmed the tax cuts that allowed us to thrive. We didn’t even notice the tariffs, and now China is buckling. We’ve seen wage growth finally return, and employment numbers are beyond what we would have thought possible three or four years ago. President Trump has destroyed Obama’s “new normal,” and he did it exactly as promised.
In the meantime, the left has been completely wrong about the economy on every level. Don’t forget that, and don’t let them forget it either.