15 Things About Today’s Jobs Report

Wall Street Journal columnist James Freeman wrote this week, “But as Republicans prepare to make their closing arguments to U.S. voters, GOP candidates can justly say that their policies have yielded exceptional results. The economic revival they promised in 2016 has come to pass.”

Today’s jobs report certainly reflects that:

  1. CNBC: “Payrolls smash estimates with gain of 250,000, wage gains pass 3% for first time since recession” … “Job growth blew past expectations in October and year-over-year wage gains jumped past 3 percent for the first time since the Great Recession.”
  2. Bloomberg: “American workers enjoyed the biggest leap in pay since 2009 as job gains topped forecasts and the unemployment rate held at a 48-year low…” … “The figures give Republicans another economic accomplishment…” …  “The continued hiring and wage increases also reflect a tax-cut boost…”
  3. Jared Bernstein, Former Chief Economist to Vice President Biden: “Pretty much everything you could want in a monthly jobs report. Payroll gains way better than expected, nice pop in labor force participation, wage growth continues to strengthen, finally beating inflation (real gains!). Score 1 for “room-to-run” crowd!”
  4. MarketWatch: “The increase in hiring last month was broad based — not a single major industry shed jobs.” … “The strongest labor market in decades is powering a U.S. economy that’s likely to set a record for the longest expansion ever by next year. Steady work and rising incomes are giving households the purchasing power to keep the good times going.”
  5. NBC News: “U.S. economy continues its growth streak” … “Consumer spending, which drives 70 percent of economic output, is at an 18-year high, according to figures announced on Tuesday. Spending grew by 4 percent in the last quarter, its strongest since 2014.” … “‘Consumers do not foresee the economy losing steam anytime soon,’ said Lynn Franco, an economist for the Conference Board, which calculates the Consumer Confidence Index.”
  6. The Washington Post: “Companies are under pressure to offer higher paychecks at a time when there are more jobs vacant than applicants to fill them, said Andrew Chamberlain, chief economist at Glassdoor, a jobs site. ‘Average wages are finally starting to pick up, especially for some lower-skilled positions,’ he said. ‘Maintenance workers, bank tellers, cashiers, cooks — employers are running out of workers for many of these roles.’”
  7. Associated Press: “Consumers are the most confident they have been in 18 years and are spending freely and propelling brisk economic growth.”… “The resulting strength in customer demand has led companies to steadily add workers. Though economists predict that hiring will eventually slow as the pool of unemployed Americans dwindles, there’s no sign of that happening yet.”… “In the July-September quarter, consumer spending grew by the most in four years and helped the economy expand at a 3.5 percent annual rate. That growth followed a 4.2 percent annual pace in the April-June quarter. Combined, the two quarters produced the strongest six-month stretch of growth in four years.” … “There are signs that pay growth is picking up.”
  8. Jason Furman, former chairman of President Obama’s Council of Economic Advisers: “I’m not seeing anything bad in this jobs report. Strong hourly wage growth, even stronger weekly wage growth, higher labor force participation, lower broader underemployment, while job growth bounced back from last month and the unemployment rate remained low.”
  9. The Wall Street Journal: “During the downturn, wages were growing because employers were letting go of less-experienced, lower-paid workers, leaving higher-earning workers on payrolls. Now the opposite is occurring. With relatively few unemployed Americans looking for work, employers are increasingly having to bid up wages to poach workers from other employers. That has been happening for several years for higher-skilled workers such as engineers and welders, but now it is occurring for relatively lower-skilled jobs such as warehouse workers and home-care aides.”
  10. Washington Examiner: “The blowout growth topped even the 228,000 estimate from Morgan Stanley economist Ellen Zentner…”
  11. The New York Times: “Friday’s report, the last official economic reading before Americans vote on Tuesday, offered another reminder of the labor market’s persistent strength.” … “’Wages are still on an improving trend,’ said Mr. [Scott] Anderson [chief economist] of Bank of the West. ‘It looks like the labor market is definitely healthy.‘”
  12. Neil Irwin, NYT: “Man, this is a really great jobs report. The job market is firing on all cylinders: Strong job growth (esp for this stage of expansion), wages rising faster, more people in labor force.”
  13. James Pethokoukis, AEI: “A very boomy October jobs report. A beat on payrolls, 250k. 3.7% jobless rate. 3.1% on wages. Participation rate up 0.2 to 62.9%.”
  14. Fox Business: “The unemployment rate remained at 3.7 percent, the lowest rate in nearly 50 years, while the labor force participation rate increased to 62.9 percent from 62.7 percent during the month.”
  15. Aparna Mathur, AEI: “Tremendous job gains, increase in labor force participation, and wages growing at 3.1 percent. Real improvements all around…”

A Comeback Story: All this economic progress is a testament to what Americans—families, workers, and business owners alike—can achieve when government empowers them to succeed rather than getting in the way. As Speaker Ryan said in a speech recently, “We set out to build up the country’s resilience…to restore that sense of aspiration and opportunity that sets Americans apart. That is how we have delivered on big things.”

Better Off Now: Republican policies are generating economic growth and setting America on a path to a more prosperous future. Through higher paychecks, more jobs, and an improved business climate, these policies are creating an economy full of optimism and opportunities. People are better off now.

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