U.S. stocks soared Friday after a much better-than-expected employment report for November from the Labor Department which saw the economy create 266,000 new jobs, the most since January, and the unemployment rote fell to 3.5%, a 50 year low.
The Dow Jones Industrial Average rose 337 points, or 1.2%, at 28,016 while the S&P index gained 31 points, or 1%, to 3,149, and Nasdaq advanced 91 points at 8,661, a rise of 1.0% also.
The U.S. economy created 266,000 new jobs in November, the Labor Department reported, the biggest gain since January, signaling the labor market remains robust even though economic growth has slowed. The government also revised the increase in new jobs in October to 156,000 from 128,000 and September’s gain was raised to 193,000 from 180,000.
Shares of Apple Inc surged 1.8%, to trade at $270.29 a share, above its record closing price of $26.74, set last week.
MacDailyNews Take:
At this point Pelosi, Schiff and the rest of the Over the Hill Gang are just gonna have to load up, march over to the White House and shoot the guy dead. That will get the market crash they want, the downward economy, rising unemployment, etc. Things will be like they’re supposed to be and I’m sure CNN, MSNBC, ABC, CBS, NBC, The New York Times, LA Times, Washington Post, and 90% of the Internet will confirm their self defense claim. Not to mention it will support their demand for better gun control.
“The contrast is incredible. Despite House Democrats holding Congress captive with their endless investigations, impeachment stunts, and obstruction, President Trump is delivering on his biggest promise to our citizens—restoring the American Dream in every corner of our great country!
Once again, the Trump Economy absolutely smashed “expert” predictions with today’s Jobs Report:
The unemployment rate fell to 3.5%—matching its lowest level in 50 years.
Economists had expected the economy to add 185,000 jobs. It added 266,000.
Economists had predicted 15,000 more manufacturing jobs. We got 54,000.
Compared with last year, average hourly wages are up more than 3%.
The number of Americans working rose to 158,593,000—a record high.
Here’s the full update from the Council of Economic Advisers, but one paragraph in particular tells you everything you need to know about the blue-collar, middle-class Trump Boom:
From [the end of the Great Recession] to the end of 2016, average wage growth for production and nonsupervisory workers lagged that of managers, the bottom 10 percent of wage earners lagged that of the top 10 percent, those without a college degree lagged that of college graduates, and African Americans lagged that of white Americans. Since President Trump took office, each of these trends has been reversed, contributing to lower income inequality.
How’s that for Morning in America?”
Spot on TheloniousMac!! You have accurately measured and described the true pulse of a majority of American voters.
Awesome! …
Numbers are great…no doubt, but the blind-eye to the debt is exasperating. It was a campaign promise and one (maybe only), that’s never mentioned and there’s no reason it will be tended to.
Having a party while the toilet’s overflowing makes empty the good news.
Congress controls spending—except when the president vetoes something.
Citizen, was that your refrain with the last president?
All presidents…
GoeB: you’re speaking a technical truth, but “all presidents” get the blame for the debt, because they set the tone, policy and overall direction of the country. Besides, why would any campaigning president, like Trump, state his focus would be on bringing down the debt…if Congress had absolute control of the purse? It’s a convenient argument you and citizen use, but, frankly it’s disingenuous.
As a conservative that’s fully aware of the technicality of which you speak, it was common to personally criticize and hear criticism from other conservatives regarding the debt hole Obama oversaw. I’d probably gain some cash by betting you did the same. To let Trump squander in the same way is nothing but hypocritical/duplicitous.
“like Trump, state his focus would be on bringing down the debt…”
Unless I missed it, I don’t recall debt as the major focus of a Trump presidency. Most presidential candidates mention it in their election platform. The deficit is more complex and not better explained than we are hearing from politicians and the media. Continues as a warning mystery…
Current U.S. debt levels do not indicate any risk of imminent default.
If excessive government debt burdens on future generations keep you up at night, there’s a simple solution: buy Treasury securities with the money saved from low current taxes and bequeath those securities to your kids.
They can use the principal and interest to pay off high future taxes, with no ultimate effect on their net wealth or well-being.
GoeB: in fact Trump said, “I think I could do it fairly quickly…I would say over a period of eight years,” These are his words in ’16, before the election.
Sure you could say, he has 5 more yrs to do so. That would be a statement difficult to be taken seriously.
The point: he did speak of it and he’s done little/nothing to bring it to fruition.
Fair enough, we shall see…
Interesting you bring up the topic. Two parallel tracks collided today and everyone knows the news of record unemployment announced today going back 50 years to 1969.
The other?
1969 was the last time the U.S. government balanced the budget. Since then every president is responsible for adding to the deficit, and some more than others. In Cliff Notes fashion — President Obama was the undisputed king of all time during his term in office.
Look it up Democrats and Libtards…