I can tell President Trump is back in office and that his economic policies are working because less than two years after that disaster known as Joe Biden left office, the labor market has rebounded like a champ.
The April jobs report delivered another strong month for American workers, and National Economic Council (NEC) Director Kevin Hassett wasted little time making the case Friday that President Trump’s economic agenda is working exactly as promised.
The Labor Department reported that the U.S. economy added 115,000 jobs in April while the unemployment rate held steady at 4.3 percent. The number blew past the Wall Street consensus, which had called for just 55,000 jobs, and came on the heels of a revised 185,000 jobs added in March. Healthcare led all sectors with 37,000 new positions, followed by transportation and warehousing at 30,000 and retail at 22,000. Average hourly earnings rose 3.6 percent year-over-year.
During his interview with Bill Hemmer, Hassett argued that the mainstream economic establishment is still badly underestimating the impact of Trump’s agenda.
“These are two months in a row of absolutely blockbuster numbers,” Hassett said. “To put them into perspective, Bill—not that I’m counting—they have 65 economists who were polled at Bloomberg on what the number should be. Sixty-two came in way below. Sixty-two out of 65.”
“The fact is people still don’t have faith that the golden age is upon us, that Trump policies are working,” Hassett said. “But it keeps showing up in the data. It’s really astonishing what record-setting numbers we’re starting to see.”
“It’s really astonishing what record-setting numbers we’re starting to see… The factory boom that President Trump has talked so much about is visible everywhere. We’ve got about 70,000 people who have jobs now building factories,” Hassett added.
Here’s more:
It comes in mens and womens and lets your friends know you’re happy to express your views and don’t care what anyone thinks! Cheers!
Investment in capital goods increased by 3.3 percent for the month, which is not an annualized figure. Hassett cited this trend as evidence that the growth in factory construction is accelerating. In April, construction added 9,000 jobs, with nonresidential specialty trade contractors experiencing some of the strongest gains in the sector.
Hassett emphasized that the acceleration in factory construction and industrial investment is likely to result in additional hiring downstream.
When 62 out of 65 ‘economists’ get the monthly growth figures wrong (again), you have to ask yourself a couple of questions: 1) Do they all have TDS and is that affecting their ability to read the labor markets? 2) Who really has a better read on labor and jobs markets, them or President Trump, the latter of whom has created jobs and built things his entire life?
Look, we still have a ways to go regarding the affordability issues, but I suspect once there is an Iran deal and the Strait of Hormuz fully reopens, within a couple of months the energy supply chain will be restored, and gas prices will start dropping again, which will make everything less expensive. Meantime, anyone who wants a job should be able to find one.
