President Trump got some fantastic news today on the economy which continues to defy expectations of slipping into a long overdue recession:
“The U.S. job market delivered a blowout performance in December, giving a clearer signal that the economy is on solid footing even as investors fret about the trade war and other risks in 2019.
U.S. stocks and Treasury yields surged Friday after Labor Department figures showed employers added the most workers in 10 months, wage gains accelerated and labor-force participation jumped. Contrast that with the drumbeat of bad news in recent days, highlighted by the plunge in a closely-watched gauge of manufacturing and several big companies warning of slower revenue.
Across-the-board strength in the job market — the linchpin of the recent spurt in economic growth — will support further gains in consumer spending, the biggest part of the economy. …”
The economy is adding lots of new jobs. Wage growth is ticking up. The long term unemployed are coming off the sidelines. It is something to celebrate. Who knows how long it will last though?