(NationalSentinel) The latest job creation figures for August show that not only is the U.S. economy continuing to grow under Trump administration policies, but it is exceeding expectations.
The economy created roughly 55,000 higher than projected and 47,000 above the July number, well above Wall Street estimates, according to a report released Thursday by ADP and Moody’s Analytics.
ADP reported that private-sector payrolls grew by 195,000 during the month, even as many media outlets and Democrat politicians have been speculating whether the economy was entering into a recession.
The latest figures also marked a four-month high in jobs creation.
U.S. companies add most jobs in four months, ADP shows.
Jobs data came 47k above consensus.
Without ignoring the challenges, today's overall macro data continues to show that the US is doing much better than its comparable economies. pic.twitter.com/sGKZNYWAaM
— Daniel Lacalle (@dlacalle_IA) September 5, 2019
“Economists surveyed by Dow Jones had been looking for a gain of just 140,000 following July’s 142,000, which was reduced downward by 14,000 from the original count,” CNBC reported.
“August’s growth was the best showing since the 255,000 added in April,” the report said.
Moody’s Analytics chief economist Mark Zandi said in a statement that “businesses are holding firm on their payrolls despite a slowing economy.”
“Hiring has moderated, but layoffs remain low. As long as this continues recession will remain at bay,” he added.
In a survey last month, only about one-third of economists thought the U.S. was headed towards a recession, though the figure was spun by some media outlets to be much more significant than it was.
Time magazine published the results of a survey on Monday in which the headline stated that “34 percent” of economist respondents believe a recession is coming. But the headline could just as easily have — and should have — read “most economists say no recession is in sight.”
The premise that the U.S. is headed for an economic downturn comes amid an “inversion curve” on the bond market, which many economists say indicates a recession may be looming. But many other economists say that isn’t an indicator of recession.
Declining trade with China, the world’s second-largest economy, has also sparked ‘recession fears’ reporting. (Related: Survey: Record number of Americans support POTUS Trump’s handling of economy)
While some may say the number of new jobs created in August is low, it’s important to point out that the U.S. unemployment rate is 3.7 percent, or what many economists deem “full employment.” So while jobs are being created, there isn’t a lot of spare labor capacity to fill many of them.
President Trump took to Twitter to celebrate the new job figures:
Really Good Jobs Numbers!
— Donald J. Trump (@realDonaldTrump) September 5, 2019
Some media personalities including The New York Times‘ Maggie Haberman, however, concocted a conspiracy theory about the president’s ‘early’ tweet.
Did potus get an advance look at numbers out….tomorrow? And try to spin them ahead of time, which is deeply questionable as an action by a president? https://t.co/WHuXe0A3zx
— Maggie Haberman (@maggieNYT) September 5, 2019
Apparently, the believed that the president had received the Labor Department’s official jobs estimate, which is released on Friday.
The Federalist‘s Sean Davis called out Haberman: “ADP released its monthly payroll report this morning, which showed that 195,000 new jobs were created last month. NYT’s top White House reporter ignored that obvious fact and instead peddled a baseless conspiracy theory.”
ADP released its monthly payroll report this morning, which showed that 195,000 new jobs were created last month. NYT’s top White House reporter ignored that obvious fact and instead peddled a baseless conspiracy theory. https://t.co/t1RKUIBA5J
— Sean Davis (@seanmdav) September 5, 2019
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