And anyone who dismisses it as no big deal really should compare them to Canada’s numbers.
All the doom-sayers who laughed at Trump’s economic campaign predictions have been silenced now.
U.S. stocks soared after a much better-than-expected employment report for November from the Labor Department which saw the economy create 266,000 new jobs, the most since January, and the unemployment rote fell to 3.5%, a 50 year low.
…Late morning the Dow Jones Industrial Average DJIA, +1.12% was up 301 points, or 0.1%, at 27,979 while the S&P index SPX, +0.95% gained 29 points, or 0.9%, to 3,146, and Nasdaq was up COMP, +0.94% were up 80 points at 8,650, a rise of 0.9%.
…The unemployment rate slipped to 3.5% from 3.6% and matched a 50-year low. The average wage paid to American workers rose 7 cents, or 0.2%, to $28.29 an hour. The 12-month rate of hourly wage gains slipped to 3.1% from 3.2%.
Is Trump just benefiting from a strong economy that his policies have little or nothing to do with?
Well, our economy is extensively tied to our Northern neighbors, and are often impacted by the same pressures. How are they making out?
Dec 6 news from Canada:
Canada’s job market unexpectedly weakened for a second-straight month, registering the biggest drop in employment since 2009 and setting up a test of the Bank of Canada’s resolve to hold off from lowering interest rates.
The economy lost 71,200 jobs in November, Statistics Canada said Friday in Ottawa, following a decline of 1,800 in the prior month. That pares the total number of jobs added this year to around 285,100. The unemployment rate increased to 5.9% in the month, from 5.5% in October, the biggest one-month jump since 2009.
Canada’s dollar sank on the report, which cast doubt on the resiliency of the country’s domestic outlook, which has been driven largely by a jobs market that has been generating some of the fastest gains in decades. Earlier this week, the Bank of Canada cited a tightening labor market as a main reason why it can buck the global easing trend and keep its policy rate at the highest levels among advanced economies.