Financial experts commenting on the U.S. economy Friday expressed shock and awe at the president’s spectacular jobs numbers, and one expressed dismay that most of the media will ignore the positive economic news.
The Labor Department released numbers showing that nonfarm payrolls surged by 266,000 and the unemployment rate fell to 3.5 percent, easily beating the Wall Street consensus, CNBC reported.
Economists surveyed by Dow Jones had been looking for solid job growth of 187,000 and saw the unemployment rate holding steady from October’s 3.6%. The decline in November’s jobless rate came amid a corresponding 0.1 percentage point drop in the labor force participation rate, to 63.2%.
Stocks opened sharply higher in reaction to the better-than-expected report. Bond yields also surged.
CNBC’s Jim Cramer said, “these are the best numbers of our lives!”
National Economic Council Director Larry Kudlow said on Fox Business that as great as the numbers are right now, “it’s not over.”
And Fox News’ Maria Bartiromo gushed, “it’s a blowout!”
On CNBC, Cramer mentioned a chart put out by Michael Cembalest, the Chairman of Market and Investment Strategy for J.P. Morgan Asset & Wealth Management, which shows that of sixteen topics covered by CNN and MSNBC from September 2018 to September 2019, positive economic news was at the very bottom of the list with virtually no coverage. Topping the list—of course—was the Russia hoax.
“You know what’s going on here, Joe!” Cramer exclaimed. “People don’t want to say good things! And this is the best damn number I’ve ever seen in my life!”
CNBC’s Joe Kernen wondered if Trump’s job numbers were sustainable.
“Can this last for ever Joe?” he asked.
“It has to go up because when we win the trade war—which you know we’re going to win now because we have the better numbers—then they’re going to have to put jobs here,” Cramer explained.
“That’s what they’re going to have to do. They aren’t even talking about that yet,” he continued. “In the end, the Chinese are going to have to put jobs here! The president can walk away from the table with this number!” Cramer declared.
“So we could actually have more jobs coming back if we win the trade war,” Kernen said. “You won’t find that written or said anywhere!”
“Well, you know, sometimes the truth sets people free,” Cramer laughed.
The financial journalist continued to marvel at Trump’s job numbers. “I’m 64,” he said. “You can’t contradict that these are the best numbers of our lives!”
He added, “You know what Joe? It doesn’t matter whether you hate him or like him. These are real numbers!”
Kudlow explained on Fox Business that the great economic news is a result to the president’s restructuring of the economy, and promised thatthe economy is going to get even better.
“President Trump has restructured and rebuilt this economy with lower taxes and regulations and energy opening and trade opening,” he told Fox Business host Stuart Varney.
“We are seeing some very big changes in the whole infrastructure of the whole U.S. economy, and you know what? It’s not over yet,” Kudlow added.
“I know everyone was talking about a recession a few months ago. I argued until I was blue in the face that that wouldn’t happen. This thing is nowheres near over!” he repeated.
Kudlow went on to say that it was possible to see a three percent GDP growth rate in 2020 because the government no longer punishes success so there are incentives for people “to work, to invest, take risks and start a business.”
President Trump trumpeted the great economic news on Twitter, pointing out that without “the horror show that is the radical left,” the economy would be even better.
GREAT JOBS REPORT!
— Donald J. Trump (@realDonaldTrump) December 6, 2019
“This is a blowout. Look at these manufacturing numbers, a blowout.” @MariaBartiromo
— Donald J. Trump (@realDonaldTrump) December 6, 2019
Stock Markets Up Record Numbers. For this year alone, Dow up 18.65%, S&P up 24.36%, Nasdaq Composite up 29.17%. “It’s the economy, stupid.”
— Donald J. Trump (@realDonaldTrump) December 6, 2019
Without the horror show that is the Radical Left, Do Nothing Democrats, the Stock Markets and Economy would be even better, if that is possible, and the Border would be closed to the evil of Drugs, Gangs and all other problems! #2020
— Donald J. Trump (@realDonaldTrump) December 6, 2019