The United States job market continued to roar to life under President Trump and the GOP-controlled Congress this summer, with new data showing the economy added over 200,000 private payroll jobs in August.
Official statistics released by the Bureau of Labor Friday show the economy added 201,000 jobs in August; beating expectations of 191,000 and holding the unemployment rate at just 3.9%.
“Long-awaited wage growth posted a recovery high in August while payroll gains beat expectations and the unemployment rate held near a generational low of 3.9 percent, according to a Bureau of Labor Statistics report Friday,” writes CNBC.
“The biggest contributor to job gains was professional and business services, which added 53,000. Heath care grew by 33,000, wholesale trade rose by 22,000, and transportation and warehousing contributed 20,000 to the total,” adds the article.
Read the full story at CNBC.
GREAT AGAIN: April Tax Revenue Was BEST IN US HISTORY According to CBO
The Congressional Budget Office released new figures Tuesday showing the federal government took in a record-breaking tax haul in April; smashing previous budget estimates and signaling a growing US economy.
The CBO report shows the United States collected over $515 billion last month; spending just $297 billion and leaving a total monthly surplus of nearly $220 billion; smashing the previous record of $190 billion set in 2001.
“Those payments were mostly related to economic activity in 2017 and may reflect stronger-than-expected income growth in that year,” said one analyst. “Part of the strength in receipts also may reflect larger-than-anticipated payments for economic activity in 2018. The reasons for the added revenues will be better understood as more detailed information becomes available later this year.”
The staggering surplus comes on the heels of record low unemployment and jobless benefits; highlighting a roaring US economy just months after President Trump signed the sweeping tax overhaul into law.
h/t Washington Times
GREAT AGAIN: Fed Chairman Says Economy 'GROWING STRONGER' in 2018
The Federal Reserve Chairman confirmed Tuesday that the United States economy was “growing stronger” than expected, saying an interest rate hike may be likely in the coming weeks should the recovery continue to expand.
According to CNBC, Chairman Jerome Powell signaled he was considering raising the interest rate for the second time in recent months, saying “Overall, we see the risk of the economy unexpectedly weakening as roughly balanced with the possibility of the economy growing faster than we currently anticipate.”
“The unemployment rate is low and expected to fall further. Americans who want jobs have a good chance of finding them,” he added.
The strong data throws more cold-water on the media’s over-hyped “blue wave” predicted for this fall, with House Minority Leader Nancy Pelosi threatening to repeal the widely-popular GOP-sponsored tax cuts
Read the full report at CNBC.