It’s hard to argue with the data: Multiple news outlets are reporting that the jobs numbers for October are out, and the economy bounced back hard after Hurricanes Irma and Harvey.
In October, the economy grew by about 261,000 nonfarm jobs, which is the best month under Donald Trump so far. The unemployment rate also dropped to 4.1%, which is the lowest its been in 17 years. Overall, since Trump took office in January, 1.1 million Americans who were not working before are now. And we’re not even in the busy holiday season yet.
Even more importantly though, the number of involuntary part-time workers dropped, according to the Bureau of Labor Statistics.
The number of persons employed part time for economic reasons (sometimes referred to
as involuntary part-time workers) declined by 369,000 to 4.8 million in October. These
individuals, who would have preferred full-time employment, were working part time
because their hours had been cut back or because they were unable to find full-time
jobs. Over the past 12 months, the number of involuntary part-time workers has decreased
by 1.1 million. (See table A-8.)
The labor force participation rate, however, has changed very little, though the numbers did decrease a little bit.
The report tracks with what we saw in GDP growth last week – Trump’s deregulatory blitz has made the business environment in America better, which in turn has created more jobs, as seen in today’s report for October.
It’s going to be a tough pill to swallow for people who stood radically opposed to what they called “Trumponomics,” because it seems to be working, and working well. If Trump maintains 3%+ GDP growth and more than 250,000 jobs grown per report throughout his presidency, then he could go on record as one of the most successful presidents in American history.