As the impeachment carnival whirls on, President Donald Trump is laser focused on ushering Americans through an era of sustained economic growth, peace and prosperity.
Malls were packed with shoppers on Saturday excitedly gearing up for Christmas while relishing larger paychecks. Families with children spent quality time together at restaurants, riding mall trains, merry-go-rounds and playing games.
Americans have shown resilience as House lawmakers and the media are determined to cloud their horizons with bad news, fake economic forecasts and accusations of malfeasance and abuse of power against the president.
While they are help bent on delivering bad tidings and impeachment for Christmas, voters have simply turned off the televisions and turned to other recreational activities to escape the doom and gloom.
The US economy is powering ahead despite a global slowdown, adding 266,000 jobs and defying economic forecasters who had expected a boost of about 187,000 jobs.
This was very bad news for Democrats who were busy drafting articles of impeachment when the report was released. The unemployment rate has hit a 50-year low of 3.5 percent, matching its level in 1969.
Payroll gains increased overall by about 100,000 more than economists expected, with 54,000 gains in manufacturing. The end of the GM strike helped boost that number by adding 41,300 jobs in motor vehicles and parts. Wage growth actually increased by 3.1% over the last year.
The blowout jobs report makes it less likely the Fed will move to cut interest rates any time soon. After three cuts this year, the Fed has signaled a neutral stance, placing further cuts on hold while it monitors economic data.
Lori Henel, State Street Global Advisors’ deputy global chief investment officer told CNBC Friday: “It was pretty strong across the board, not just the print, but also some of the revisions from past months. Look, we’ve been pretty encouraged about the global economy all this year. We’ve seen improvement. Even in the dark of the summer when a lot of other people were thinking that we were going to go into recession, we sort of felt that the consumer and the services sector would help us kind of power through. And this is just validation that we are in a bit of an upward momentum here.”
After the jobs report was released CNBC’s Jim Cramer exclaimed, “this is the best November I’ve ever seen in my life! He declared that the US is now in a formidable position to win the trade war with China.
“It has to go up, because when we win the trade war, and you now know we’re going to win now because we have better numbers, they’re going to have to put jobs here. That’s what they’re going to have to do. And we’re not even talking about that yet,” he proclaimed.
“In the end, the Chinese are going to have to put jobs here. Because this thing is — the president can walk away from the table with this number,” said Cramer.
“It doesn’t matter whether you hate [Trump] or love him, these are real numbers,” he added.
Did the Fed panic, raising rates too much and too fast in recent months? Trump may be rewriting cherished economic theories as it becomes more open-minded, allowing the economy room to run as it creates jobs and wages keep rising, before it jumps in to curb inflation.
Know-it-all economists are finally beginning to admit we are in uncharted territory. They don’t know how strong the economy can get, or what possibilities lay ahead.