Elder Patriot – February’s economic report has been released and it paints an overwhelmingly positive affirmation of Donald Trump’s policies.
The economy added 313,000 non-farm jobs in February, crushing the experts’ expectations, while the unemployment rate remained at 4.1 percent. The “experts” had predicted a much more modest growth of only 200,000 jobs.
This increased labor force participation to 155.2+ million workers, a new record. And, it spread across all demographic groups.
- The number of employed Black Americans hit a record high of 19,087,000
- A record 72,530,000 women 16 and older were counted as employed.
- Hispanic unemployment fell to 4.9%, just a tenth of a percentage point above it historic low.
Average hourly earnings also increased by 2.6% from a year earlier. Coming off two decades of stagnant wage growth this is great news for American workers.
And, real equities are rising in value. The NASDAQ 100, which is made up of the 100 companies with the largest market caps in the NASDAQ composite, also reached an all-time high yesterday.
And, all of this good news was accompanied with an assessment of the jobs report from Kevin Mahn, president and chief investment officer at Hennion & Walsh, who told CNBC, “It did reaffirm the underlying strength of this economy, but it also diminished some of those inflationary concerns and the potential that there could be more than three rate hikes this year.”
It’s all blue skies and clear sailing and it promises to get even better for American workers as Trump continues removing the shackles that Obama had imposed on the U.S. economy.
To those Obamaconomists who told us America’s best days were behind us, it’s time to leave them behind because once again America’s best days are still ahead. It’s the dark days of Obama’s Keynesian economics that are behind us.