Contribute
CONNECT:

research

Trump’s Agenda Fuels “Red Hot” Job Market, Economy Soars Across Industries

- December 8, 2017

Beating Expectations, The U.S. Labor Market Added 228,000 Jobs In November And Consumers Are More Confident Than Ever About The State Of The Economy

_______________­­______________­__

TOP TAKEAWAYS

  • Under President Trump, the economy continues to soar as the unemployment rate remained at a 17-year low of 4.1 percent in November, and the labor market exceeded expectations by adding 228,000 jobs.
  • This month's jobs report is being praised across the spectrum, with commentators describing it as "yet another damn solid month", "really good," and a "very, very strong rebound in manufacturing."
  • Small businesses added 50,000 jobs in November, midsized businesses added 99,000 jobs, and the manufacturing sector added the most jobs in at least 15 years.
  • Third-quarter economic growth was adjusted to an impressive 3.3 percent, and consumer confidence increased for the fifth month in a row in November, remaining at a 17-year high.
  • The stock market has "soared" in 2017 over optimism about the possibility of pro-growth policies, improving returns for Americans investing in a 401(k).
  • President Trump and Chinese President Xi Jinping announced $250 billion in deals between China and the United States in industries like energy, technology and aviation - deals designed to bring jobs and investment back to the U.S.

___________________________

TODAY'S STRONG JOBS REPORT SHOWS THE ECONOMY CONTINUES TO BOOM UNDER PRESIDENT TRUMP

The Unemployment Rate In November Is At Its Lowest Level In 17 Years

In November, The Unemployment Rate Remained At 4.1 Percent . ( Bureau Of Labor Statistics , Accessed 12/8/17)

Reuters Predicted The Unemployment Rate Would Remain At 4.1 Percent. "The unemployment rate is forecast to stay steady at the 4.1 percent recorded a month earlier." ("U.S. Private Employment Growth Eases But Manufacturing Shines: ADP," Reuters , 12/6/17)

The 4.1 Percent Unemployment Rate Is The Lowest Level In 17 Years . "The U.S. economy added 228,000 jobs in November and unemployment held steady at 4.1 percent, the lowest level it's been in 17 years." (Kaitlan Collins, Twitter Feed , 12/8/17)

The Labor Market Beat Expectations In November, Adding 228,000 Jobs

Nonfarm Payroll Increased By 228,000 In November . ( Bureau Of Labor Statistics , Accessed 12/8/17)

The Washington Post Noted That "The Growth Slightly Outpaced Wall Street Analysts' Expectations As The Labor Market Continued To Expand." "U.S. employers added 228,000 jobs in November as unemployment stayed the same at 4.1 percent, federal economists report. The growth slightly outpaced Wall Street analysts' expectations as the labor market continued to expand after being hampered by hurricanes earlier this fall." (Danielle Paquette, "The Economy Added 228,000 Jobs In November, Unemployment At 4.1 Percent," The Washington Post , 12/8/17)

Economist Polled By Reuters Expected Total Non-Farm Employment To Rise By 200,000 In November. "Economists polled by Reuters are looking for U.S. private payroll employment to have grown by 190,000 jobs in November, down from 252,000 the month before. Total non-farm employment is expected to have risen by 200,000." ("U.S. Private Employment Growth Eases But Manufacturing Shines: ADP," Reuters , 12/6/17)

Mark Zandi, Chief Economist Of Moody's Analytics Said "The Job Market Is Red Hot, With Broad-Based Job Gains Across Industries And Company Sizes." "'The job market is red hot, with broad-based job gains across industries and company sizes. The only soft spots are in industries being disrupted by technology, brick-and-mortar retailing being the best example,' Mark Zandi, chief economist of Moody's Analytics, said in a statement.' ("U.S. Private Employment Growth Eases But Manufacturing Shines: ADP," Reuters , 12/6/17)

The U.S. Manufacturing Sector Added The Most Jobs In At Least 15 Years In November . "U.S. private-sector employment growth eased in November even as the manufacturing sector added the most jobs in at least 15 years, a report by a payrolls processor showed on Wednesday." ("U.S. Private Employment Growth Eases But Manufacturing Shines: ADP," Reuters , 12/6/17)

Third Quarter Economic Growth Exceeded Initial Estimates, And Was Adjusted To A Strong 3.3 Percent In November

The Commerce Department Estimated That Third-Quarter GDP Growth Exceeded The 3 Percent Annual Expansion It Initially Reported, Rising To 3.3 Percent. "Led by a rise in business investment, the U.S. economy grew at an annual pace of 3.3 percent from July through September, its fastest rate in three years. The Commerce Department estimated Wednesday that third-quarter growth exceeded the 3 percent annual expansion it had initially reported last month." (Paul Wiseman, "US Economy Expanded At Brisk 3.3 Percent Pace In Third Quarter," NBC News , 11/29/17)

  • The U.S. Economy Grew Faster Than Expected In The Third-Quarter. "The US economy grew faster than expected in the third quarter even after hurricanes disrupted activity in some parts of the country. The Commerce Department said Friday that gross domestic product, the measure of all goods and services produced, increased by 3%." (Akin Oyedele, "GDP Hits 3%, Crushing Estimates Despite Hurricanes," Business Insider , 10/27/17)

For The Second Straight Quarter, The Economy Hit President Trump's "Stated Target" Of 3 Percent GDP Growth. "The economy grew 3.1% in Q2, the fastest pace in two years. It was the second quarter in a row that growth hit President Donald Trump's stated target of 3% growth." (Akin Oyedele, "GDP Hits 3%, Crushing Estimates Despite Hurricanes," Business Insider , 10/27/17)

Consumer Confidence Continued To Increase For The Fifth Month In A Row, Remaining At A 17-Year High In November

The Conference Board's Consumer Confidence Index, Continued To Increase In November Reaching 129.5. "The Conference Board Consumer Confidence Index, which had improved in October, increased further in November. The Index now stands at 129.5" ("Consumer Confidence Survey," The Conference Board , 11/28/17)

Consumer Confidence Increased For The Fifth Month In A Row, Remaining At A 17-Year High, "Driven Primarily By Optimism Of Further Improvements In The Labor Market. "'Consumer confidence increased for a fifth consecutive month and remains at a 17-year high (Nov. 2000, 132.6),' said Lynn Franco, Director of Economic Indicators at The Conference Board. 'Consumers' assessment of current conditions improved moderately, while their expectations regarding the short-term outlook improved more so, driven primarily by optimism of further improvements in the labor market. Consumers are entering the holiday season in very high spirits and foresee the economy expanding at a healthy pace into the early months of 2018.'" ("Consumer Confidence Survey," The Conference Board , 11/28/17)

The University Of Michigan's Consumer Sentiment Index Rose To 98.5 In November, Outpacing Reuters' Prediction It Would Only Reach 98. "The University of Michigan's survey of consumer attitudes for November rose to 98.5 in a Wednesday release. The measure was forecast by Reuters economists to hit 98. The indicator has remained largely unchanged in 2017, which reflects American consumers' increasing confidence and certainty about their income and employment prospects, said Richard Curtin, chief economist for the Surveys of Consumers." (Kevin Breuninger, "Consumer Sentiment Hits 98.5 In November Vs. 98 Estimate," CNBC , 11/22/17)

THIS MONTH'S JOBS REPORT HAS DRAWN WIDESPREAD PRAISE

This Month's Jobs Report Is Being Called "Really Good" And "Very, Very Strong"

CBS' Mark Knoller Praised The 4.1 Percent Unemployment Rate "Which Until October, Was The Lowest Since December 2000." "The @BLS_gov reports 228,000 new payroll jobs created in November. Down from 261K in October. But no change in national unemployment rate at 4.1% - which until October, was the lowest since December 2000." (Mark Knoller, Twitter Feed , 12/8/17)

The New York Times ' Justin Wolfers Praised The Report Calling It "Yet Another Damn Solid Month." "November payrolls grew +228k. Unemployment unchanged at 4.1% Hourly earnings +$0.05, up 2.5% over the year. Revisions to payrolls: September revised from +18k to +38k; October revised down from +261k to +244k. Yet another damn solid month." (Justin Wolfers, Twitter Feed , 12/8/17)

Bloomberg's Erik Wasson Noted That The 228,000 Jobs Added "Beats Expectations." "Jobs report beats expectations as payrolls rise 228,000." (Erik Wasson, Twitter Feed , 12/8/17)

CNN's Chrisine Romans On November's Jobs Report "They Are Really Good Numbers Again This Month." CNN's ALISYN CAMEROTA: "We do have some breaking news. The Labor Department just releasing the jobs report for November moments ago, so CNN Chief Business Correspondent Christine Romans has the numbers, how's it looking?" CNN's CHRISTINE ROMANS: "They are really good numbers again this month. We are looking at strong hiring here and this is why this month is so important after those hurricanes, this is the first kind of clean month to see what employers were doing. 228,000 net new jobs in November. Look at October, 224,000. That is strong hiring. Here's those the hurricanes, right there when we saw a depression in hiring so it looks as though the economy is humming in terms of job creation. 4.1 percent is the unemployment rate that basically matches a 17-year low. And when I look and dig within the numbers, I see fewer discouraged workers, fewer workers that are marginally attached to the labor market meaning they are not looking but would like to work, so all those numbers going in the right direction, the underemployed all of those numbers going in the right direction. In fact when you talk to employers in just about very sector, they are saying you guys are having a hard time finding workers, having a hard time finding workers. Let's look at the sectors here healthcare up 30,000, business up 46,000. Manufacturing, a strong performance there, and construction up another 23,000 so that is good news when you are talking about the manufacturing sector overall. We had the futures pop in stocks up 80 points right now, so looks as though Wall Street likes these numbers and what they say about the economy." (CNN's "Newsroom," 12/8/17)

Click To Watch

Larry Kudlow: This Month's Jobs Report Shows We Are On Front End Of "Very, Very Strong Rebound In Manufacturing." CNBC's LARRY KUDLOW: "Gentlemen, I think you're missing the point here can I just weigh in on this. Look, I think if you look at factory orders and ISM's, the small business NIFB reports, what you are going to, I think, you are on the front end of what looks to be a very, very strong rebound in manufacturing and industry and hard goods, the likes of which we have not had throughout this recovery and again, I think people are starting to pull the trigger because they see a much lower tax burden on all manner of business, large, small, repatriation coming home, expensing. In other words I think we are on the cusp of an investment boom and when look at what Hampton has reported here is manufacturing of 31,000 that absolutely corroborates what the ISM's are showing and what the small businesses are showing. I agree retail sales look okay, but what's going to give us 3% to 4% growth is a boom in manufacturing and hard goods and industry and most of all, all manner of business equipment." CNBC's JOE TERRANOVA: "How much of the gains that we have seen that last two months can we attribute to something that's not very visible, the lifting of regulation." KUDLOW: "I think it's been a huge factor really the whole year in my judgment, in some sense this is the untold story. Even though the administration haven't gotten through, Republicans haven't gotten through the health care bill, what they have been doing is Congress has been passing bills to ratify the president's roll-back of regulatory costs. I think that's created a lot of confidence on this, and I think as this tax cut bill winds down and we're going to get a passage in the next week or two, that's going to add to it, and as long as it's due in 2018, I don't want to skip a year, 2018, people are going to be pulling the trigger and we're going to see, again, I repeat myself, possibility of a real investment boom, which, by the way, will help every American and is not inflationary." (CNBC's "Squawk Box," 12/8/17)

Click To Watch

FBN's Dagen McDowell Said "It's Very Hard To Find Anything Negative In This Report - Anything Whatsoever." FOX BUSINESS NETWORK's DAGEN MCDOWELL: "So this overall, an economy that is on rock solid footing going into the new year and it can only be helped by a tax reform package that gives an incentive to businesses in this country large and small so they can keep on hiring and to Charles's point, two, two and a-half percent wage gains year over year it could be better but then again it is not worsening there. You saw the really strong job creation in really kind of the heartland of this economy, manufacturing and construction and with manufacturing came in almost double the number of jobs created there, 31,000 that economist were expecting. It's very hard to find anything negative in this report - anything whatsoever." (FBN's "Mornings With Maria," 12/8/17)

Click To Watch

PRESIDENT TRUMP'S PRO-GROWTH AGENDA IS CONTINUING TO IMPROVE THE ECONOMY FOR SMALL BUSINESSES

Small Businesses Thrived In November, Adding 50,000 Jobs

Small-Employers, Defined As Those With Less Than 50 Employees, Increased Employment By 50,000 In November And Midsized Businesses Added 99,000 Jobs. "Midsized businesses, defined as employing between 50 and 499 people, added 99,000 jobs, while small-employer employment rose by 50,000 and large companies increased their workforces by 41,000." ("U.S. Private Employment Growth Eases But Manufacturing Shines: ADP," Reuters , 12/6/17)

Economic Optimism Among Small Firms Was "At The Upper End Of The Favorable Range In November," The WSJ/Vistage Small Business CEO Confidence Index Rose To 112.5 . "Economic optimism among small firms was at the upper end of the favorable range in November, with small firm CEOs indicating more optimism about gains in the economy as well as their own financial situation. The WSJ/Vistage Small Business CEO Confidence Index was 112.5 in the November 2017 survey, slightly above last month's 110.0 and significantly above last November's 102.4." ("The WSJ/Vistage Small Business CEO Survey," The Wall Street Journal , 11/17)

  • Judgements About How President Trump's Economic Policies Would Help Their Small Businesses Were "Key Factors" For CEO's In Their Improved Outlook. "Renewed strength in the national economy and a rebound in judgements about how Trump's policies would aid their business are key factors for CEO expectations of improved revenues and profits." ("The WSJ/Vistage Small Business CEO Survey," The Wall Street Journal , 11/17)

The Stock Market Continued Its Impressive 2017 Performance In November, And Continued To Improve Returns For Middle-Class Americans Investing Into A 401(K)

Stock Have "Soared" In 2017 Helped By "Optimism" About Pro-Growth U.S. Policies. "'Stocks have soared this year, lifted by the strong winds of improving global growth, optimism about pro-growth U.S. policies and still-low interest rates,' says Kate Warne, investment strategist at St. Louis-based Edward Jones." (Adam Shell, "401(K) Investors Rejoice: Dow Closes Above 24,000 For First Time," USA Today , 11/30/17)

Americans Investing In A 401(K) Would See Significant Gains, An Investment Of $100,000 At The Start Of 2017 Would Now Be Worth $123,000. "A 401(k) investor with $100,000 invested in the Dow at the start of 2017 now has an estimated account balance of $123,000." (Adam Shell, "401(K) Investors Rejoice: Dow Closes Above 24,000 For First Time," USA Today , 11/30/17)

In Late November, The Dow Surged Past 24,000, Adding To The Already Sizable Gains Of Stock Investors In 2017. "The Dow surged 332 points and passed another milestone by topping 24,000 on Thursday, adding to the sizable gains of stock investors in 2017. At its high point, the average for blue-chip stocks was up as much as 387 points at an intraday record of 24,327.82." (Adam Shell, "401(K) Investors Rejoice: Dow Closes Above 24,000 For First Time," USA Today , 11/30/17)

  • The Dow Finished The Day At 24,272.35, Its 63rd Record High Of 2017. "The Dow finished the day 331.67 points higher, or 1.4%, at 24,272.35 - its 63rd record high of 2017. It was the Dow's best day of the year and biggest one-day point gain since November 2016." (Adam Shell, "401(K) Investors Rejoice: Dow Closes Above 24,000 For First Time," USA Today , 11/30/17)

The 2017 Rally Has Not Been Limited To Just The Dow, It Has Been Seen Across The Stock Market With The S&P And Nasdaq Also Posting Gains This Year. "The Dow isn't the only U.S. stock index to post big gains this year. The rally has been broad. It has pushed the Standard & Poor's 500 up more than 18%, the technology-dominated Nasdaq up nearly 28% and the small-company Russell 2000 up nearly 14%." (Adam Shell, "401(K) Investors Rejoice: Dow Closes Above 24,000 For First Time," USA Today , 11/30/17)

In November, President Trump Continued To Bring Investment And Capital Back To America

In Early November, President Trump And Chinese President Xi Jinping Announced $250 Billion In Deals Between China And The United States In Industries Like Energy, Technology And Aviation. "President Trump and his Chinese counterpart, Xi Jinping, on Thursday announced more than $250 billion in deals between the two countries across industries like energy, technology and aviation." (Daniel Shane, "These Are The Companies Behind Trump's $250 Billion Of China Deals," CNN , 11/9/17)

  • Per The Memoranda Of Understanding, China Is Set To Invest More Than $100 Billion Into U.S. Energy Projects In Coming Years Including An $84 Billion Plan To Invest In Shale Gas And Chemical Manufacturing Projects In West Virginia, And A $43 Billion Investment Into Alaska's Energy Sector. "China could pour more than $100 billion into U.S. energy projects in the coming years under two of the deals. One is an $84 billion plan from state-owned China Energy Investment Corp. to invest in shale gas and chemical manufacturing projects in West Virginia. That comes with a couple of caveats, though. It's spread out over 20 years and the deal is only a memorandum of understanding rather than a finalized contract. Another plan aims to invest as much as $43 billion in Alaska's energy sector. China Petroleum & Chemical Corp., better known as Sinopec (SHI), and the Alaskan government will jointly develop the state's liquified natural gas industry. Alaska says the agreement will create up to 12,000 jobs." (Daniel Shane, "These Are The Companies Behind Trump's $250 Billion Of China Deals," CNN , 11/9/17)

Boeing, General Electric, And Qualcomm All Signed Multi-Billion Dollar Deals During President Trump's Trip To China. "Watched by Trump and China's President Xi Jinping at a signing ceremony in Beijing, U.S. planemaker Boeing, General Electric, and chip giant Qualcomm sealed lucrative multibillion-dollar deals. 'This is truly a miracle,' China's Commerce Minister Zhong Shan said at a briefing in Beijing." ("Trump's $250 Billion China 'Miracle' Adds Gloss To 'Off-Kilter' Trade," Reuters , 11/7/17)

These Deals Highlight President Trump's "Keen[ness]" To Address The United States' Trade Deficit With China. "The quarter of a trillion dollar haul underscores how Trump is keen to be seen to address a trade deficit with the world's second-largest economy that he has long railed against and called 'shockingly high' on Thursday." ("Trump's $250 Billion China 'Miracle' Adds Gloss To 'Off-Kilter' Trade," Reuters , 11/7/17)


Previous post

2020 Dems Reverse Themselves On Government Shutdown

Next post

Democrats Continue To Spread Lies & Crazy Rhetoric About GOP Tax Relief
Republican National Committee

Connect With Us

Republican National Committee
Chairwoman Ronna McDaniel
News & Videos
  • 310 First Street SE, Washington, DC 20003
  • 202-863-8500

By providing your phone number, you are consenting to receive calls and SMS/MMS msgs, including autodialed and automated calls and texts, to that number from the Republican National Committee. Msg&data rates may apply. Terms & conditions/privacy policy apply 80810-info.com.

Paid for by the Republican National Committee. Not Authorized By Any Candidate Or Candidate's Committee. www.gop.com

By providing your phone number, you are consenting to receive calls and SMS/MMS msgs, including autodialed and automated calls and texts, to that number from the Republican National Committee. Msg&data rates may apply. Terms & conditions/privacy policy apply 80810-info.com.

Paid for by the Republican National Committee.
Not Authorized By Any Candidate Or Candidate's Committee. www.gop.com