Saturday, October 07, 2017 by JD Heyes
The U.S. economy lost a total of 33,000 jobs last month — the first decline in seven years, after analysts expected gains of about 90,000 positions — but everything else about employment, personal wages and the economy in general in the era of President Donald J. Trump is positive.
As reported by CNBC, analysts are blaming the job losses primarily on Hurricanes Harvey and Irma, which devastated parts of Texas and Florida, respectively, leading some companies shuttered and their workers idled.
But overall, despite the drop-off in employment last month, the unemployment rate fell to a 16-year low, 4.2 percent, according to data from the Bureau of Labor Statistics. What’s more, the government said that the closely-watched hourly wages figure also increased, jumping to an annualized rate of 2.9 percent.
Economists surveyed by Reuters expected payrolls to grow by about 90,000 in September, compared to 169,000 the previous month. Also, they anticipated that the unemployment rate would hold steady at 4.4 percent. But it fell as the labor force participation rate — the number of Americans in the workforce — grew as well, rising to 63.1 percent, the highest level of this year and the best rate since March 2014.
“The lousy returns from the September jobs report will make little impression on observers, who essentially gave the labor market a free pass due to the impact of Hurricanes Harvey and Irma,” Curt Long, chief economist at the National Association of Federally Insured Credit Unions, told CNBC.
Adding to the generally good economic and labor news, the number of discouraged workers and those working part-time for economic reasons fell as well, from 8.6 percent to 8.3 percent, which is the lowest level since June 2007.
Also, CNBC reported:
Harvey and Irma’s effects weren’t all negative when it came to jobs — Wall Street-related finance positions grew by a net 10,000 thanks to an increase of 11,000 for insurance carriers and related activities.
The site noted that a number of economists were ready to simply dismiss the BLM report out of hand because of the effect that the hurricanes were expected to have on labor. But the increase in wages drew their attention.
The government reported that wages increased by an average of 12 cents an hour to $26.55, or a gain of about 2.9 percent on the year — much higher than the 2 percent target the Federal Reserve says is necessary for healthy inflationary increases. That also means the Fed is liable to approve another rate hike at its December meeting.
In addition to positive labor figures in the Trump era, Wall Street continues its meteoric rise, which was acknowledged by the president in a tweet on Thursday. “Stock Market hits an ALL-TIME high! Unemployment lowest in 16 years! Business and manufacturing enthusiasm at highest level in decades!” (Related: Left-wing media now blaming Trump for Puerto Rico hurricane damage… is EVERYTHING his fault?)
Stock Market hits an ALL-TIME high! Unemployment lowest in 16 years! Business and manufacturing enthusiasm at highest level in decades!
— Donald J. Trump (@realDonaldTrump) October 5, 2017
As noted by the Los Angeles Times, Thursday’s gain was the latest for a market that has steadily advanced since Trump won the election in November. The rise means both the economy and corporate profits have improved, but also the retirement portfolios of tens of millions of Americans who have retirement accounts and IRAs tied to investments.
The paper noted:
The S&P 500 rose 14.33 points, or 0.6%, to 2,552.07. The Dow Jones industrial average gained 113.75, or 0.5%, to 22,775.39, and the Nasdaq composite rose 50.73, or 0.8%, to 6,585.36. All three indexes added to their records set a day earlier, again.
Despite the fact that the economy has steadily improved following Trump’s election, spurred on in part by his efforts to reform the tax code, repeal Obamacare and dramatically cut regulations, Democrats and the Left-wing “mainstream” media are loathe to give him credit. But you can bet if the economy were tanking, Trump would get the blame.
J.D. Heyes is a senior writer for NaturalNews.com and NewsTarget.com, as well as editor of The National Sentinel.
Sources for this article include: