Wages Pass 3% First Time Since Obama & Recession
One reason that the media has doubled, tripled and quadrupled down on identity politics, and pulled out all the stops in the politics of personal destruction, is that it just has nothing to work with when it comes to the economy.
If it did, it would be talking turkey. But instead it’s throwing a fit.
The numbers are good. Too good.
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 Refinitiv estimates of 190,000. The unemployment rate stayed at 3.7 percent, the lowest since December 1969.
The ranks of the employed rose to a fresh record 156.6 million and the employment-to-population ratio increased to 60.6 percent, the highest level since December 2008, according to the department’s household survey. That headline jobless number stayed level even amid a two-tenths of a percentage point rise in the labor force participation rate to 62.9 percent.
Those counted as outside the labor force tumbled by 487,000 to 95.9 million.
But the bigger story may be wage growth, which has been the missing piece of the economic recovery. Average hourly earnings increased by 5 cents an hour for the month and 83 cents year over year, representing a 3.1 percent gain. The annual increase in wages was the best since 2009.
The Trump economy is so good that Obama keeps trying to take credit for it.
Wage growth, falling unemployment and growing job force participation rates are delivering the goods to ordinary people. The question is whether they will be outshouted and outvoted by the hysterical organized ranks of the radicals.
Midterm election turnout has traditionally favored older, more stable voters who vote their economic interests. But the Left has spent a huge fortune to propel turnout by groups that traditionally wouldn’t vote during the midterm elections and that don’t vote their economic interests, but their political radicalism. And then we can go right back to the Obama economy, which will then be renamed the Trump economy by the media.