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“Blockbuster” Jobs Report Silences Trump Critics

Date: December 8, 2019

Job Gains Under President Trump Topped 7 Million In November As Historic Unemployment And Unprecedented Wage Growth Continued

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The Facts:

NOVEMBER'S "STELLAR" JOBS REPORT TROUNCED EXPECTATIONS AS JOB GAINS UNDER PRESIDENT TRUMP TOPPED 7 MILLION

Today's jobs report smashed expectations as the U.S. added 266,000 jobs in November, the labor market has added a total of 7.2 million jobs since President Trump was elected.

Young African American men in particular are experiencing big employment gains under President Trump.

Positive revisions added 41,000 jobs for the months of September and October, brining the net jobs added in today's report to 307,000.

TODAY'S JOBS REPORT DREW RESOUNDING PRAISE FROM THE MEDIA AND EXPERTS ALIKE

CNBC headline: "Jobs Growth Soars in November as Payrolls Surge by 266,000."

The Wall Street Journal headline: "U.S. Hiring Strengthened in November, Fueling Expansion."

NBC News headline: "Wall Street Soars After Economy Added Robust 266,000 Jobs in November."

Yahoo Finance headline: "JOBS REPORT: U.S. Payrolls Jump by 266,000, Smashing Expectations."

The Washington Post headline: "Labor Market Picked up Steam in November as U.S. Economy Added 266,000 Jobs and Jobless Rate Fell to 3.5 Percent."

CNBC's Jim Cramer : "You can't contradict that these are the best numbers of our lives."

The New York Times' Senior Economic Correspondent Neil Irwin : "the job market is stronger than the experts thought was even possible a few years ago."

Politico's Ben White : "This is very strong…remarkably resilient economy. Good for Trump."

Fox News Business's Maria Bartiromo: "There is no other way to look at this other than a blowout."

CNN's Christine Romans: "generations of people have not seen this type of employment."

Tony Bedikian , Head of Global Markets for Citizens Bank: "the U.S. Economy continues to be all about the jobs."

Daniel Zhao , Senior Economist at Glassdoor: "this report is a real blockbuster."

THE STRONG LABOR MARKET CONTINUED TO DRIVE WAGE GAINS IN NOVEMBER

Wage growth was 3.1% year over year in November, the 16th month in a row wages have grown more than 3%.

Before President Trump's 16-month streak wage gains hadn't topped 3% in more than a decade.

TODAY'S REPORT UNDERLINED THE STRENGTH OF PRESIDENT TRUMP'S ECONOMY

The job market "strengthened" in November as strong hiring " add[ed] fuel to the economic expansion. "

Bloomberg : Today's jobs report "adds to recent data pointing to an economy holding up amid headwinds."

Robert Rosener , an economist at Morgan Stanley highlighted the importance of today's report saying, "the labor market is continuing to provide the key foundation for the U.S. economy."

GIVEN THE CONTINUED STRENGTH OF PRESIDENT TRUMP'S ECONOMY ITS NO WONDER CONSUMERS AND SMALL BUSINESSES ARE FEELING GOOD

A record 60% of small business owners approve of President Trump.

Consumer Sentiment remained historically high in November.

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NOVEMBER'S "STELLAR" JOBS MARKET DREW WIDESPREAD PRAISE AS JOB GAINS UNDER PRESIDENT TRUMP TOPPED 7 MILLION

Job Gains Under President Trump Jumped To 7.2 Million As The Labor Department Reported Robust Gains And Historic Unemployment In November

The U.S. Added 266,000 In November, Bringing The Total Number Of Jobs Added Since President Trump Was Elected To 7.2 Million. Bureau Of Labor Statistics , Accessed 12/6/19)

  • November's Job Gains "Broad-Based Across Industries." "Job gains were broad-based across industries, led by a 206,000 gain for private service providers that was the best since January." ( Bloomberg , 12/6/19)
  • Payrolls Were Revised Up 41,000 Jobs For The Months Of September And October, Bringing The Net Jobs Added In November's Report To 307,000. Bureau Of Labor Statistics , Accessed 12/6/19)

Young African American Men In Particular Are Experiencing Big Employment Gains Under President Trump. "Young black/African American men, in particular, seem to be making big employment gains." ( Twitter Feed , 12/6/19)

The Jobs Market's "Steller Performance" In November Easily Topped Expectations. "The jobs market turned in a stellar performance in November, with nonfarm payrolls surging by 266,000 and the unemployment rate falling to 3.5%, according to Labor Department numbers released Friday. Those totals easily beat the Wall Street consensus. Economists surveyed by Dow Jones had been looking for solid job growth of 187,000 and saw the unemployment rate holding steady from October's 3.6%. The decline in November's jobless rate came amid a corresponding 0.1 percentage point drop in the labor force participation rate, to 63.2%." ( CNBC , 12/6/19)

Bloomberg: "U.S. Job Gains Roared Back In November." "U.S. job gains roared back in November as unemployment matched a half-century low and wages topped estimates, giving the Federal Reserve more reason to hold interest rates steady after three straight cuts. Stock futures and the dollar jumped while Treasuries slid." ( Bloomberg , 12/6/19)

U.S. Manufacturers Added 54,000 Jobs In November Bringing The Total Number Of Manufacturing Jobs Created Under President Trump To 524,000. Bureau Of Labor Statistics , Accessed 12/6/19)

  • Manufacturers "Rebounded" In November. "Manufacturers rebounded, adding 54,000 jobs after a 43,000 drop the prior month, mostly reflecting GM workers returning to work. Despite the boost, factories have faltered amid weak global demand and U.S.-China trade tensions that have curbed business expansion plans." ( Bloomberg , 12/6/19)

Unemployment Dropped To A "Historic" 3.5% In November. "Unemployment ticked back down to a historic 3.5 percent - the lowest rate since 1969 - and wage growth rose to an average hourly rate of 3.1 percent, according to data released Friday by the Bureau of Labor Statistics." ( NBC News , Accessed 12/6/19)

Novembers "Soaring" Jobs Growth And Historic Unemployment Drew Widespread Media Praise

CNBC Headline: "Jobs Growth Soars In November As Payrolls Surge By 266,000." CNBC , 12/6/19)

The Wall Street Journal : "U.S. Hiring Strengthened In November, Fueling Expansion." The Wall Street Journal , 16/6/19)

NBC News Headline: "Wall Street Soars After Economy Added Robust 266,000 Jobs In November." NBC News , Accessed 12/6/19)

Yahoo Finance Headline: "JOBS REPORT: U.S. payrolls jump by 266,000, smashing expectations." Yahoo Finance , 12/6/19)

The Washington Post Headline: "Labor Market Picked Up Steam In November As U.S. Economy Added 266,000 Jobs And Jobless Rate Fell To 3.5 Percent." The Washington Post , 12/6/19)

The Washington Post's Heather Long: The November's Jobs Report Is A Really Strong Number. "US Economy Added 266,000 Jobs In November. GM workers returning from strike accounted for ~41,000 of that. 225,000 is still a really strong number considering the US economy has been adding jobs for 110 straight months (a record)." Twitter Feed , 12/06/19)

Politico's Ben White: "This Is Very Strong…Remarkably Resilient Economy. Good For Trump." "I have to go do an event so I can't send the 100 jobs day tweets I'd like to. But this is very strong, trend is ticking back up after a slowdown. Remarkably resilient economy. Good for Trump. Fed on hold." ( Twitter Feed , 12/06/19)

CNBC's Jim Cramer: "You Can't Contradict That These Are The Best Numbers Of Our Lives." "CNBC's Jim Cramer said Friday no matter your view on President Donald Trump there's no denying we're living in the best labor market in more than a generation. 'You can't contradict that these are the best numbers of our lives. You can't,' said Cramer, 64, following the government report showing the U.S. economy created a better-than-expected 266,000 nonfarm jobs in November, with the unemployment rate dipping to 3.5%, matching 50-year lows. Economists had expected the jobless rate to hold steady at 3.6% last month." ( CNBC , 12/6/19)

Fox News Business's Maria Bartiromo Reacted To The November's Jobs Numbers, "There Is No Other Way To Look At This Other Than A Blowout." EDWARD LAWRENCE: "So the bottom line the economy created 266,000 jobs and the unemployment rate ticked down to 3.5%." MARIA BARTIROMO: "There is no other way to look at this other than a blowout 266,000 jobs, they're all saying it could come in lower than expected." DAGEN MCDOWELL: "I did not say that, wrong, they were wrong. "STEVEN MOORE: "No I said 150 and we got 250, I have never been more happy that I was wrong on this." MARIA BARTIROMO: "And look at these manufacturing jobs again blowout." DAGEN MCDOWELL: "Manufacturing, the estimate was already at 38,000 jobs added in manufacturing it blew that number out of the water. A lot of that was the GM workers coming back but again, but the net positive was manufacturing creation. But I want to point this out that range the estimate range before going into this report the very very highest estimate was 237,000 jobs added. So this job market this economy it wiped that away as well." (Fox News Business' Mornings With Maria, 12/6/19)

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CNN's Christine Romans: "Generations Of People Have Not Seen This Type Of Employment." JOHN BERMAN: "The labor department just released the November jobs report. It's a big number. Chief business correspondent Christine Romans here with that." CHRISTINE ROMANS: "266,000 net new jobs. This blows away expectations. We were looking for something more like 180,000. October and September also revised higher. So more strength in the fall than we were hearing from other data we watch here. So companies are hiring, and have been hiring at a brisk pace this fall. That employment rate fell to 3.5%. That's still this very, very fit low, 50-year low, a couple generations of people have not seen this type of employment rate. Where is the hiring? Look at manufacturing. That's almost entirely GM. GM and a little more. All those people coming back from the GM strike pushing that number up. But across the board in health care, 45,000 jobs added there. Over the past year, 414,000 jobs added in health care. All up and down the wage spectrum. This has been a very dynamic part of the American economy. Professional technical services up 31,000 there. That's also been strong. Whether talking about doctors' offices or hospitals or office buildings or factories, there was hiring in the period." (CNN's New Day, 12/6/19)

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CNBC's Steve Liesman Praised The November Jobs Report: "It's A Good Number For Re-Election." JOE KERNEN: "Steve, there will come a time where we get a number like this and we check predict it for the 2020 election. "STEVE LIESMAN: "It's a good number for re-election. I'm trying to see where it came. I think Ylan had a very nice description of it, which is that it's kind of across the board. first of all, you have the 41,000."BECK QUICK: "41,000 additional jobs. "STEVE LIESMAN: Right, because of the strike. I'm going back to the chart that i showed, the three-part chart I've shown it twice on tv and written squiggly stuff over it three areas of job growth, 200 plus, down below 150 and then 180 range. I'm going to take 40 off of this, come down to 220 or so and I'm going to say, look, where are we, we might be back in a zone where we're doing 200,000 and nobody can explain where this is coming from. JOE KERNEN: "Let me get everyone back in Oksana, Doug, Andy, Rick, Steve we already mentioned, Jason Trennert better than you thought. "OKSANA ARONOV: "Great, strong number. we got revisions to a couple of prior numbers." (CNBC's "Squawk Box, 12/06/19)

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Experts Lauded The "Blowout" Report As President Trump's Jobs Economy Continues To Outperform What They Believed Possible

The New York Times' Senior Economic Correspondent Neil Irwin: "The Job Market Is Stronger Than The Experts Thought Was Even Possible A Few Years Ago." "The job market is stronger than the experts thought was even possible a few years ago. We should learn a lesson from that: That we need to be open-minded about how much more room there is to put more people to work and see wages rise." ( Twitter Feed , 12/6/19)

Tony Bedikian, Head Of Global Markets For Citizens Bank: "This Is A Blowout Number And The U.S. Economy Continues To Be All About The Jobs." "'This is a blowout number and the U.S. economy continues to be all about the jobs,' Tony Bedikian, head of global markets for Citizens Bank said in a note. 'The unemployment rate is at a 50-year low and wages are increasing. Business owners may be getting more cautious due to trade and political uncertainty and growth may be slow, but consumers keep spending and the punch bowl still seems full.'" ( CNBC , 12/6/19)

Gad Levanon, Head Of The Conference Board's Labor Market Institute: Job Growth "Shows No Signs Of Slowing Further Despite The Historically Low Unemployment Rate." "'Today's job report, more than any other report in recent months, squashed any lingering concerns about an imminent recession in the US economy,' said Gad Levanon, head of the Conference Board's Labor Market Institute. 'Employment growth also shows no signs of slowing further despite the historically low unemployment rate.'" ( CNBC , 12/6/19)

Daniel Zhao, Senior Economist At Glassdoor: "This Report Is A Real Blockbuster." "'I think that this report is a real blockbuster,' said Daniel Zhao, senior economist at the career site Glassdoor. 'Payrolls smashed expectations.'" ( The New York Times , 12/6/19)

THE STRONG LABOR MARKET CONTINUED TO DRIVE WAGE GAINS IN NOVEMBER

Wages Grew At 3% Year Over Year For The 16th Month In A Row In November

Wage Growth Was 3.1% Year Over Year In November, The 16th Month In A Row Wages Have Grown More Than 3%. Bureau Of Labor Statistics , Accessed 12/6/18)

CNBC: Wage Gains Beat Economist Expectations. "Average hourly earnings rose by 3.1% from a year ago, while the average workweek held steady at 34.4 hours. Economists had been looking for wage gains of 3%. A separate gauge of unemployment that includes discouraged workers and the underemployed declined as well, falling to 6.9%, one-tenth of a percentage point below October." ( CNBC , 12/6/19)

The Competitive Labor Market Has Pushed Up Wages, "Particularly At The Lower End Of The Scale." "The competition for workers has also pushed up wages, particularly at the lower end of the scale." ( The New York Times , 12/6/19)

The New York Times' Neil Irwin: "Really Amazing To See Such Strong Growth In Payrolls." "Really amazing to see such strong growth in payrolls. Not clear where the workers are coming from, given more muted trends on labor force participation (which actually ticked down in November)." Twitter Feed , 12/06/19)

IT'S NO WONDER CONSUMERS AND SMALL BUSINESS OWNERS ARE MORE CONFIDENT THAN EVER AS TODAY'S REPORT UNDERLINED THE STRENGTH OF PRESIDENT TRUMP'S ECONOMY

Today's Jobs Report Was Yet Another Confirmation That President Trump's Economy Is Stronger Than Ever

Today's Jobs Report "Adds To Recent Data Pointing To An Economy Holding Up Amid Headwinds." "The report adds to recent data pointing to an economy holding up amid headwinds. Jobless claims remain near a half-century low, service-sector activity is expanding and consumer sentiment is within reach of the best levels of the expansion." ( Bloomberg , 12/6/19)

Robert Rosener, An Economist At Morgan Stanley Highlighted The Importance Of Today's Report Saying, "The Labor Market Is Continuing To Provide The Key Foundation For The U.S. Economy." "Robert Rosener, an economist at Morgan Stanley, was more sanguine. With revisions to some previous monthly estimates, annualized wage growth over the past six months was 3.4 percent, he noted, saying it is 'beginning to regain momentum.' 'I think it's hard not to feel good after getting a jobs report like this," he said. "The labor market is continuing to provide the key foundation for the U.S. economy.'" ( The New York Times , 12/6/19)

The Job Market "Strengthened" In November As Strong Hiring "Add[Ed] Fuel To The Economic Expansion." "The U.S. job market strengthened in November, as hiring jumped and unemployment fell, adding fuel to the economic expansion. Employers added 266,000 jobs in November and the jobless rate fell to a 50-year low of 3.5%, matching September's level, the Labor Department said Friday. Wages advanced 3.1% from a year earlier. The stronger pace of hiring could help juice up the broader U.S. economy, which is still expanding but at a slower pace than last year. U.S. stock futures and government-bond yields rose Friday after the data was released. ( The Wall Street Journal , 16/6/19)

It No Wonder Americans Are Historically Confident In The Trump Economy

A Record 60% Of Small Business Owners Approve Of President Trump. "Sixty percent of small business owners approve of the way Donald Trump is handling his job as president, the highest approval rating number since CNBC and SurveyMonkey began its quarterly Small Business Survey in 2017." ( CNBC , 12/2/19)

Consumer Sentiment Remained Historically High In November. "The November 2019 consumer sentiment figure was nearly identical to the average level recorded since the start of 2017 (97.0). In 30 of the past 35 months the Sentiment Index was 95.0 or higher, a level of optimism second only to when the Index was above 100.0 for 34 out of 36 months from January 1998 to December 2000, averaging 106.0." ( University Of Michigan, Accessed 12/6/19)