Right on cue, the press got ready to print a bad jobs report for August, and then SLAM, the number comes out up 162,000. About three times the Wall Street consensus. Of course, most of Wall Street and their liberal pals in the press just love to ignore eight straight months of Institute for Supply Management manufacturing index increases, and 15 straight monthly ISM services index increases. And tremendous gains in industrial production and consumer spending. We’ll get into the numbers in just a moment.
But let me say right here that President Trump’s economic boom has become the greatest story never told, but the story is factual. And if the GOP is gonna hang on to Congress in the midterms, they’ve got to get the story out.
As former White House counselor, Kellyanne Conway, told me the other night, “They’ve got the money, the message, they need a better sales pitch and they’ve got great messengers like you and Secretary Bessent and obviously President Trump, most of all.”
Now, about those jobs numbers, including 55,000 upward revisions for June and July, the actual job gain in August was more than 217,000. Since Mr. Trump took office private jobs have gone by more than a million, while federal jobs have declined by more than 300,000. This is the Trumpian free enterprise restructuring of the economy, putting an end to President Biden’s hapless big government socialism.
And on top of that, the employment to population ratio, perhaps the best jobs indicator, moved up to 59.1 percent from 58.9 percent.
Meanwhile, manufacturing and construction and goods producing jobs keep rising. And as far as wages are concerned, in the private sector, wage gains plus hours worked gave 4.3 percent increase in the wage income proxy, which is actually higher than the temporarily inflated consumer price index.
This should come as no surprise to analysts who have been honestly tracking the numbers. Productivity is booming, so are profits, so are stocks, so are consumers, and so is the hard goods industry, where durable goods, the heart of manufacturing, is rising at double digit gains.
We haven’t seen this in decades. Can Mr. Trump take credit for it? Well I’ll tell you what? 100 percent immediate depreciation, “drill, baby, drill,” deregulation, tax free overtime, tax free tips. you know what? That stuff is working, if only the press would report it.
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