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More evidence the US economy is growing in all the most important ways
https://nypost.com/2019/07/05/more-...my-is-growing-in-all-the-most-important-ways/
5 Jul 19 ~ By Post Editorial Board
Friday’s jobs report brought fresh and welcome news that the US economy is still humming along in all the right ways.
The nation added a net 224,000 jobs last month, the Labor Department announced, markedly more the expected 165,000. Wage growth remains strong, at above 3% year-over-year, for the 11th month in a row, as a tight labor market forces employers to share the wealth generated by solid Trump-era GDP growth.
The Dow dipped on the good news, as traders fear it means the Federal Reserve is now less likely to deliver an interest rate cut. But that’s just the latest in a long string of examples showing that short-term stock market movements aren’t about the economy’s strength.
Unemployment still bumped up slightly despite the job gains, but that’s a good sign, as it means that ever-more Americans who’d given up hope of finding work have now found that hope. Indeed, it also means that employers are rethinking, as they’re now hiring people with less education or fewer skills and providing on-the-job training. Ex-cons have a better shot these days, too.
And joblessness overall remains near 50-year lows, with African Americans in particular seeing an unemployment rate lower than they’ve had in decades.
Comment:
The Dow dipped on the good news, as traders fear it means the Federal Reserve is now less likely to deliver an interest rate cut. That’s an indicator of how wrong the Federal Reserve is.
People don’t fire a President when the economy is booming. Even a president like Slick Willie who righteously deserved it. The Democrats know this, and you are beginning to see it on their faces.