The economy continues to smash expectations with strong job creation, rising wages, and soaring confidence thanks to President Trump’s pro-growth agenda and even the mainstream media has to admit just how awesome the Trump Effect is.
CNBC: Payrolls Smash Estimates with Gain of 250,000, Wage Gains Pass 3% for First Time Since Recession
“Job growth blew past expectations in October and year-over-year wage gains jumped past 3 percent for the first time since the Great Recession, the Labor Department reported Friday. Nonfarm payrolls powered up by 250,000 for the month, well ahead of estimates of 190,000. The unemployment rate stayed at 3.7 percent, the lowest since December 1969.”
REUTERS: US Weekly Jobless Claims Fall; Continuing Claims Lowest Since 1973
“New applications for U.S. unemployment aid fell last week and the number of Americans receiving benefits was the lowest in more than 45 years as labor market conditions tightened further. … Initial claims for state unemployment benefits dropped 2,000 to a seasonally adjusted 214,000 for the week ended Oct. 27, the Labor Department said. … Claims fell to 202,000 during the week ended Sept. 15, which was the lowest level since November 1969.”
CNBC: Wages and Salaries Jump by 3.1%, Highest Level in a Decade
“Wages and salaries rose 0.9 percent, well ahead of expectations for 0.5 percent. Benefit costs were up 0.4 percent. On a yearly basis, wages and salaries jumped 3.1 percent, the biggest increase in 10 years. … [T]he unemployment rate is now at 3.7 percent, the lowest since 1969, and wage pressures have begun to build.”
THE WALL STREET JOURNAL: U.S. Consumer Confidence Surged in October to 18-Year High
“The Conference Board on Tuesday said its index of U.S. consumer confidence rose to 137.9 in October, the highest level since September 2000. … ‘The Expectations Index posted another gain in October, suggesting that consumers do not foresee the economy losing steam anytime soon,’ she said. ‘Rather, they expect the strong pace of growth to carry over into early 2019.’”
CNBC: Medicaid Enrollment Declines for the First Time in More Than a Decade as Strong US Economy Boosts Income for Poor Americans
“The booming U.S. economy appears to be reducing dependence on federal health insurance for the poor. Medicaid enrollment fell for the first time since 2007, declining by about 0.6 percent in fiscal year 2018 … ‘States largely attribute the enrollment slowdown to a strengthening economy, resulting in fewer new low-income people qualifying for Medicaid,’ said Kaiser, a nonprofit group that focuses on health care and health policy.”
BUSINESS INSIDER: US Economy Grows at Fastest Back-to-Back Pace in 4 Years, Boosted by Solid Consumer Spending
“The US economy grew at a faster rate than expected in the July-September quarter, according to the Commerce Department’s advance report released Friday. Gross domestic product, the value of every good and service produced within the country, increased at an annualized rate of 3.5%; economists had forecast 3.3% growth, according to estimates compiled by Bloomberg. With that number, the US economy has its strongest back-to-back quarters of growth in four years.”
AMERICANS FOR TAX REFORM’S ABIGAIL MARONE IN WASHINGTON EXAMINER: Trump’s Tax Cuts Jolt Manufacturing Jobs
“Since President Trump signed the tax cuts, manufacturing has been booming. At least 100 manufacturers have built new facilities, purchased new equipment, hired new employees, and invested in current employees through bonuses and benefit increases. Each has cited tax cuts as the reason for their actions.”
