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ECONOMY JUMPS WITH TRUMP

By: Dave Gordon



Donald Trump’s presidential campaign, focused on making America great again, promised economic recovery, and a boost in employment. Analysts are saying these promises have begun to bear fruit.

President Donald Trump has been in office for nine months, and by all accounts the country’s overall financial condition has markedly improved on Trump’s watch.

As validated by Fortunemagazine on Aug. 10, 2017, President Trump has exceeded his goal of adding a million jobs since taking the oath of office. In fact,as CNBC reports, the unemployment rate fell to 4.3 percent in July, the lowest rate since March of 2001. (From the time Obama was elected until 2011 the unemployment rate was about double what it is today.)

The number of employed Americans has reached a new high, and the employment-to-population percentage reached over 60 percent, the highest level since February 2009!

It did not take long for improvements to be seen. Just a few months into the Trump administration, swift and impressive changes occurred: The Bureau of Labor reported that in May there were 145,000 more jobs, in June 210,000 more, in July 189,000 more, and in August nearly 160,000 more jobs. The Washington Postreported that the July numbers were “surpassing economists’ expectations”by about fifteen percent.

Furthermore, CNBC noted that President Obama’s average monthly gains in the job market were about 120,000, while President Trump’s are about 170,000, since taking office. These uncharacteristically large numbers have not been seen with such steadiness or reliability for nearly a dozen years.

A Washington Postarticle from July 7thexplained that this prosperous climate “promises to boost economic growth and bring back jobs that had moved offshore.”

Stock markets and Dow Jones saw record highs in 2017, while the U-6 rate, which is more indicative of the health of the whole job market – as it counts people who have stopped looking for work – is also on the decline. In other words, more people are entering or reentering the job market.

Reports say that Michael Feroli, chief U.S. economist for JP Morgan, explained that these numbers are “pretty solid across the board,” suggesting “there is really no slowing the momentum of the labor market.”

The Federal Reserve sees the economic boom as justification to raise interest rates to more normal levels. Despite this, lending for businesses has not slowed significantly.

The New York Times– no fan of Trump’s – even conceded in an article in August of this year “Jobs, Factories, and Stocks Provide Economic Lift for Trump.” The Timesnoted that the unemployment was at its lowest in 16 years! Of particular note was that the Grey Lady explained how even business owners who have openly opposed the president find the employment numbers promising.

The New York Times – no fan of Trump’s – even conceded in August that “Jobs, Factories, and Stocks Provide Economic Lift for Trump,” noting that the unemployment was at its lowest in 16 years!

Big auto manufacturers like Toyota and Mazda have responded to the uptick in employment demand, and plan to open new manufacturing plants in the US. This will create at least 4,000 more jobs.
Toyota currently owns ten U.S. plants, which employ more than 136,000 Americans. Toyota reportedly plans to invest $10 billion in the United States over the next five years. Also, Taiwanese electronics supplier Foxconn announced plans to open a new plant in Wisconsin, which will add 3,000 new jobs.

There is no question that the jobs statistics look remarkable. However, many are still concerned that pay scales are not where they should be.

CNN reports there is still a “problem of stagnant wages.” Average hourly earnings have increased by only 2.5 percent over the past fourteen months. The Federal Reserve notes it would rather see a 3 to 3.5 percent increase.

Are all of these successes – the jobs, financial boom, stock market, and so on – merely coincidence, or feature of a natural pendulum swinging favorably after so manyyears of dips?

To be fair, critics will say that most economic or job reforms do not have the anticipated effect for some time, so Trump’s impact on the market may
be minimal.

Still, The New York Timescited the significance of President Trump’s proposed tax reform, domestic infrastructure spending, and “curbing our outsourcing” that would have a “logical impact on American business and foreign investment.” Companies have been emboldened to expand or invest, as a result of these promises and legislations, said the Times.

A case can be made that the country’s economic growth may very well be because the president has shown in good faith that he is steering the ship in the right direction.

President Trump’s supporters and detractors alike have taken note ofthe country’s economic gains, although they may not agree on how much Trump can take credit. According to Tom Gimbel, chief executive of LaSalle Network, a Chicago staffing company, “Trump hasn’t done anything tangible yet, but he has injected hope for corporate growth, tax reform, and deregulation among business leaders, and that’s driving hiring,” Ideally, the current positive business environment will lead to more business growth and more prosperity in our country.