Do you remember how the media treated jobs reports when Obama was president? They would pretend unemployment was lower than reality. They would celebrate every newly created job. They certainly shied away from discussing wage growth (since there was none).
With that media shield, Obama told us that manufacturing and good jobs were never coming back. That was proven a lie in just one quarter under President Trump.
So, the media mostly ignores jobs reports now. Well, we’re going to show you what the media fears—what they are too afraid to tell you. March’s jobs report was another huge win for President Trump, showing he knows exactly what he’s doing when it comes to the economy and jobs.
It’s the first number everyone discusses, and with good reason. March saw 196,000 new jobs. While that isn’t breaking monthly records, it’s impressive for a number of reasons. First, it beat estimates by more than 20,000. That’s always good.
Second, it shows a complete rebound from February. February was a complete outlier in jobs creation, and the left jumped on it to try and tell us all that the economy was in shambles. In reality, February saw low job creation because of abnormally strong winter weather (which the left will blame on global warming).
The other thing that is impressive about this job creation number is that it comes at a time of basically full employment. There are more available jobs than people out of work right now, and in those conditions, it actually becomes harder for employers to create new jobs. They’re too busy filling posts that have been open for a while.
When you have full employment and still create hundreds of thousands of jobs every month, you get unemployment numbers that are downright fantastic. Overall unemployment is at 3.8 percent. If we look at subgroups, the worst unemployment number in the books right now is for black Americans at 6.7 percent. That’s basically an all-time low. In any country.
It’s also the only group with unemployment above 5 percent. Every other group is besting the 5 percent number, and that signals full employment.
We’ve talked about wages before. They’re arguably the most important number in the jobs report every month (since people have jobs again). During Obama’s “recovery,” wages never held above 3.0 percent. At the same time, inflation stayed above 2 percent. That means wages were basically stagnant for eight years.
In March, wages grew at 3.2 percent for the year. Meanwhile, inflation was only 1.5 percent. That means people’s paychecks were growing at double the inflation rate. That’s pretty much the economic sweet spot.
The really good news in all of this is that March was unexceptional. It marked the sixth straight month of wage growth over three percent. That in itself is a huge win.
Some leftist outlets, like Vox, are trying to say that three-percent growth isn’t good enough, but they’re idiots. When wages grow much faster than inflation, it accelerates inflation, and that’s bad for the economy. The stock crash that happened in early 2018 was because wage growth finally went above 3.0 percent and investors were afraid it would push inflation. Now, we can see that 3.0 percent is sustainable, and we can celebrate it.
A Broken Narrative
Let’s talk about perception. Some mainstream outlets have begrudgingly acknowledged that the economy is great. They constantly spout nonsense about how we’re about to turn the corner into recession, but they also predicted that President Trump’s election would destroy the economy. They were as wrong as one can possibly be with that prediction.
They also said the trade war with China would bankrupt us all. The jobs reports haven’t noted any kind of trade war at all. In fact, we’re doing better economically than we were before the first tariffs.
Here’s the real story. The U.S. economy is soaring, and it’s pretty much the only economy in the world doing so. All of Europe has been stagnant or in decline for a decade. China’s GDP has been in trouble for three years, and it looks worse every day. In the midst of a global economic cooldown, the U.S. is still accelerating. There’s only one reason for that: good economic policy.
President Trump’s win on the economy is bordering on miraculous, and rather than celebrate that, everyone on the left will lie and say we’re in dire straights. They’ll push the socialist agenda that is starving the rest of the world because admitting that Donald Trump isn’t evil incarnate is too much for them.
This is the 27th consecutive jobs report that shows how Trump is winning. Don’t let anyone else lie about it.