The economic news out on Friday provides a ready-made slogan for Republicans going into the 2018 midterm campaign this Fall.
Trump, keeping yet another one of his campaign promises, has given us an “unexpected” booming economy (except that those of us who believe in low regulation, low taxes, and high optimism were not surprised at all). His combination of economic optimism, deregulation (which is happening despite the Left’s attempt to block it through the courts), and lower taxes have had their inevitable effect:
The economy added 313,000 jobs in February, crushing expectations, while the unemployment rate remained at 4.1 percent, according to a Labor Department report Friday that could help quell inflation fears.
Economists surveyed by Reuters had been expecting nonfarm payroll growth of 200,000 and the unemployment rate to decline one-tenth of a point to 4 percent.
An increase in the labor force participation rate to its highest level since September helped keep the headline unemployment number steady, as the number of those counted as not in the workforce tumbled by 653,000 to just over 95 million.
The total counted as “employed” in the household survey surged by 785,000 to a record 155.2 million.
A separate measure that takes into account those out of the workforce and the underemployed — sometimes referred to as the “real” unemployment rate — held steady at 8.2 percent.
Stocks surged following the report, with the Dow industrials up 375 points Friday afternoon after being slightly negative before the news.
You realize, of course, that the 2018 midterm campaign slogans now write themselves: [Read more…]