Donald Trump, business groups hail strong jobs report
President Trump and trade groups pointed to the government’s strong jobs report Friday as proof that the U.S. economy is still surging at a robust pace.
“Great jobs numbers just announced!” the president said in an all-caps tweet after the Labor Department said employers created a whopping 312,000 jobs in December.
Chad Moutray, chief economist at the National Association of Manufacturers, said the addition of 32,000 manufacturing jobs “matches the record optimism among manufacturers recorded in 2018.”
The jobs report also said wages grew at 3.2 percent last year.
Stocks surged on the news, with the Dow Jones Industrial Average climbing about 600 points in the first hour of trading. The index had lost 660 points on Thursday on lower revenue projections from Apple, which blamed weakening demand for iPhones in China.
Sen. Pat Toomey, Pennsylvania Republican, said the economy “is the strongest it’s been in decades.”
“Over 300,000 new jobs in December, wages are growing at their fastest rate in years, people who had given up hope in finding a job are rejoining the workforce,” Mr. Toomey tweeted. ”#TaxReform regulatory relief are working!”
Mr. Trump’s re-election campaign also hailed the better-than-expected news on hiring.
“Defying all the critics and blowing away expectations, the December jobs report is a fitting finale to the unprecedented growth of the 2018 Trump economy and a fantastic start to the New Year,” said Michael Glassner, chief operating officer of the campaign. “Those prognosticators who root for economic collapse to spite President Trump have been proven wrong yet again. This jobs report is a stark reminder to the elites and the naysayers to never bet against Donald Trump he’ll only beat expectations yet again.”
Americans for Limited Government President Rick Manning said the report refutes “the left-wing media [which] has been desperately trying to talk down the Trump economic boom over the past two months citing the notoriously volatile stock market as their source of concern.”
“The truth is that Americans are working in record numbers, wages continue to rise modestly, our manufacturing plants are running on overtime and inflation remains stable,” Mr. Manning said. “Let’s hope that Speaker [Nancy] Pelosi doesn’t mess it up with higher spending and tax increases. Rather than seeking to impeach the president, the Democrats in Congress should be looking for ways to work with him to increase the wealth effect being created through this virtuous economic cycle.”
But Democratic National Committee Chairman Tom Perez said the president should accept House Democrats’ bill to reopen the government to allow 800,000 federal workers to get paychecks again.
“Hundreds of thousands of American workers still don’t know when their next paycheck will come,” Mr. Perez said in a statement. “The fundamentals of the stock market are faltering after stocks posted their worst year in a decade. President Trump has created nothing but chaos and uncertainty.”