I am not an economist, and I don’t play one on television, but I am capable of basic observations. The July jobs numbers came out Friday. This put the rather biased media in a position of having to say that the report beat expectations. When do they ever get their expectations right?
The Wall Street Journal posted the statistics on Friday. Here are some highlights:
The economy created 209,000 jobs in July, well above this year’s average monthly gain of 184,000.
…The average hourly wage for private-sector workers grew 2.5% in July. That’s a modest pace historically, but it looks better when considering inflation is so low.
…The share of Americans holding jobs or actively looking for work rose a tenth of a percentage point last month to 62.9%. That’s very slight progress.
…A measure underemployment—one that takes into account jobless workers, reluctant part-time workers and Americans too discouraged to look for work—remained at 8.6%. That’s two tenths of percentage point higher than May’s level, though it’s down more than a point from the prior year.
You can’t turn eight years of anemic economic growth around in seven months. However, we are definitely moving in the right direction. Despite the lack of cooperation from the Washington establishment, President Trump is deregulating and moving forward. If we are to see real economic growth, we need to drain the swamp of those establishment politicians who are blocking President Trump’s economic policies. We need to find primary challengers to many of the so-called leaders in Washington.