Economic boom good for nation
Published 6:00 pm Friday, December 13, 2019
Just in time for Christmas, the nation got more good news about the booming U.S. economy.
The November jobs report from the Bureau of Labor Statistics shows the economy produced 266,000 jobs, which took the average over the past two months to 211,000 per month — an increase in the rate of job growth from earlier in 2019.
According to the Council of Economic Advisers, since President Donald Trump’s election, the economy has added more than 7 million jobs — 5.1 million more jobs than the Congressional Budget Office projected in its final forecast before the 2016 election.
Also during that period, the economy has created at least 100,000 jobs in 33 of those months and has added jobs every month. This expansion marks a 50-year low unemployment rate, continued job growth at this point again demonstrates that today’s labor market remains strong.
Trump’s pro-growth, pro-jobs policies are a tribute to the American free enterprise system that is the best in world when used. This system is very simple in concept and makes a lot of sense. Here’s the Merriam-Webster Dictionary definition: Free enterprise is the “freedom of private business to organize and operate for profit in a competitive system without interference by government beyond regulation necessary to protect public interest and keep the national economy in balance.”
The economy is working because the pro-growth, high labor demand is leading to increased employment and growing wages as businesses raise pay to attract workers. Nominal average hourly earnings increased at a 3.1 percent rate year-over-year, making November the 16th consecutive month that this measure of wage growth has been above 3 percent, according to the council.
Another benefit of this policy is that real wages are also growing and inflation is very low, 1.3 percent as of October. If this trend holds in December, that will produce real wage growth of more than $1,000 over the past 12 months for someone working 40 hours per week year-round at the average wage.
The economy is working across the board when examined by the various segments of the labor force. There are 2.1 million more prime-age adults (25-54) in the labor force in October than there were at November 2016 levels, according to the council.
So in this Christmas season, the United States has been blessed in many ways, and hopefully our national economic boom will continue long into the future.
