The December 2018 Jobs report is stellar news for American workers and the U.S. economy. Why isn’t everyone talking about it?
America, YOU’RE HIRED!
Since Donald Trump began his presidency two years ago, 4.8 million payroll jobs have been added to the U.S. economy.
In contrast, the Obama administration just managed to add nearly a quarter of that, in twice as much time.
Donald Trump ran and won, as most politicians do, on promises. Promises aren’t always practical, or even possible, after the realities of office set in, and the painfully complicated process of Democracy in America grinds away (mostly) forward.
2016 voters wondered if Donald Trump could indeed improve prospects for American workers. Could Trump really reverse the decades long manufacturing industry decline and end its death-throes, they wondered; could anyone?
As 2019 begins, the answer is clear: Jobs for Americans is one campaign promise President Trump plans to keep.
Finishing Strong: December 2018 Jobs Report
Top U.S. economists predicted that an estimated 176,000 jobs would be added in December of 2018.
The number of jobs added was actually double that.
December’s blowout jobs report touts 312,000 jobs created in December of 2018 alone, capping a year of extremely strong job growth and record low unemployment.
The December 2018 jobs report had other good news for American workers as well. In addition to strong job gains, and historically low unemployment, wages also saw an increase.
“U.S. employers added the most workers in 10 months as wage gains accelerated and labor-force participation jumped, reflecting a robust job market that nevertheless faces mounting risks in 2019.”
“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 earning 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.” -Sho Chandra, “U.S. Payrolls Rise 312,000, Wages Accelerate In Jobs Blowout,” Bloomberg, 1/4/19
U.S. Job Growth
- The 312,000 jobs added in December pushes the total U.S. employment above 150 million for the first time.
- Labor force participation jumped as a result, nearly 500,000 new workers entered the U.S. workforce.
- Wages continued to rise, even faster than projected, as average hourly wages in December rose 3.2% from December 2017 and .4% over November 2018.
- Paychecks are now growing at the fastest rate since 2009.
- Unemployment rose slightly to 3.9%, due primarily to the large increase in workforce participation.
- Even so, December was the 6th consecutive month and the 8th month in 2018 that unemployment has been below 4%.
- Prior to 2018, the U.S. unemployment rate had only been under 4% in 5 months total since 1970.
“U.S. employers went on a hiring spree in December, adding a surprising 312,000 jobs and providing a dose of reassurance about the economy after a turbulent few months on Wall Street. The job gains reported Friday by the Labor Department came despite a trade war with China, a global slowdown and a partial government shutdown now entering its third week.”
“The nation’s unemployment rate rose slightly to 3.9 percent last month, but that, too, was considered a positive sign, reflecting an increase in Americans beginning to look for work. And average hourly pay improved 3.2 percent from a year ago.” -Josh Boak, “US Employers Went On A Surprising Hiring Spree in December,” The Associated Press, 1/4/19
No Good News For Democrat Obstructionists
News this good isn’t good optics for 2020 Democratic hopefuls up and down the ticket. An obstructionist agenda that hurts American workers and poor people can only hurt Democrats at the polls.
As a result, left-leaning media pundits aren’t overemphasizing this news, choosing to focus instead on a certain new Congresswoman’s profanity laden rant and the Democratic Party pipe dream of Presidential impeachment.
Makes for better TV.
“The key lesson is that very tight labor markets generate real gains for working people, even with productivity quite low. Importantly, these gains are occurring in the current economy without generating inflationary pressures, both in actual and in expected inflation. Any economic model that insists the monetary authorities hit the brakes hard to preclude further such gains is clearly out of touch with reality.” -Jared Bernstein, senior fellow at the Center on Budget and Policy Priorities and chief economist in the Obama Administration.
312,000 Jobs Added In December, Manufacturing Growing 714% Faster Under Trump Than Obama. Kudlow on jobs report: “There is no recession in sight”. Dow surges 746 points on Fed chair remarks, jobs blowout.
The “Fed chair remarks” is another exiting economic marker, one which needs an entire article or series of articles dedicated to it and could perhaps be the most exciting bellwether to come out of 2018, from an economic standpoint.
Is President Donald Trump going to take on the Fed?
That we are even wondering, that there is even a possibility of this scenario, is striking. That the Fed is also wondering and considering the possibility of this scenario, is even better.
Trump Says Mean Things On Twitter
But, Trump says mean things on twitter.
Yes. It’s true.
The strong economy is great news for Republicans in the run-up to the 2020 election, especially since fundraising is so critical to a successful campaign. Republicans running in 2020, even in traditionally deep red states, are not in the mood to take chances.
The biggest Republican obstacle may be President Trump’s less-than-diplomatic approach to critics in the press, former employees and political foes alike and a.) how much the media circus loves it because of b.) how mad it makes liberal Democrats.
No one thought American manufacturing could make a comeback; President Trump and Republicans seem to have done the impossible.
Now, if Republicans could only get the President to swear off twitter in 2019.
(contributing writer, Brooke Bell)