The New York Analysis of Policy and Government concludes its examination of the U.S. employment recovery.
While the news that total nonfarm payroll has been increasing (it rose 228,000 in November) the fact that those increases occurred at least partially in manufacturing, a foundation of middle class jobs, is very encouraging. Since the recent low in November 2016, manufacturing employment has increased by 189,000. In November of last year, Manufacturing employment was reduced by 9,000, while government employment rose by 19,000. The latest report notes that unemployment rate fell to an all-time low of 2.6%, an extraordinary reversal.
The Gateway Pundit notes that “Job numbers released today through the end of November show an increase of 2.2 million jobs since last years election and an unemployment rate of 4.1 percent. After the same period under Obama, (4.8) million jobs were lost and unemployment skyrocketed to 9.9 percent! President Trump’s economic results could arguably be the best all time. The stock market is the highest ever and jobs are being created by the thousands.”
John Crudele, writing for the New York Post, notes that despite a left-oriented media’s harsh criticism, “Trump boost to the economy can’t be denied.”
During the Obama Administration, GDP never exceeded 3% annually, the first time at least in the past seventy years this occurred. According to the Bureau of Economic Analysis “Real gross domestic product increased at an annual rate of 3.3 percent in the third quarter of 2017, according to the “second” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.1 percent.”
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Despite that, notes The Heritage Foundation “Still Donald Trump gets no respect. Even though nearly every poll for the past six years tell us that Americans care most about jobs and the economy (with terrorism occasionally taking over first place), the media naturally won’t cover the undeniable economic speed up since the election of Donald J. Trump… If the economy and jobs had done this well under President Obama he and the media would have been doing cartwheels down Pennsylvania Avenue. Even worse, when the media does cover the jobs and growth story, every reporter asks me: does Mr. Trump deserve credit for these numbers? Well if he doesn’t, who does? Liberals argue that this is a continuation of the Obama recovery, but there’s a big problem with that analysis: the economy was decelerating under Mr. Obama, not speeding up. In Mr. Obama’s last year in office, 2016, the economy was barely limping to keep ahead of another recession.”
The prospects for significant further growth are substantial if tax reform gets enacted.
The American Enterprise Institute emphasizes that “During the tax-cut-fueled economic expansion in the 1960s, real GDP growth averaged nearly 5%, with economic growth topping 10% in two quarters (1965: Q1 and 1966: Q1) and 8% in eight quarters. US payrolls increased by 32% during the 1960s, the highest growth in jobs of any decade during the postwar period. Government tax revenues grew by 65% from 1965 to 1970.”
Jed Graham, writing for Investors Business Daily predicts that “The U.S. economy is about to get an injection of rocket fuel.”