The Commerce Department reported that a hiring spree in November boosted Americans’ incomes half a percentage point – the biggest gain since July – while consumer spending for the Christmas season on big-ticket items such as autos and appliances shot up by 0.4% to raise the annual rate last month.
And the shot in the arm is no quick one-time gain.
“The higher spending is not due to rising prices [because of] inflation – as measured by the Federal Reserve’s preferred price indicator – still running well below the Fed’s 2% target,” Breitbart News informed. “It came in at just 1.5% for November – compared with a year ago.”
Economy running on all cylinders
Fiscal responsibility is also working toward strengthening the economy in the long run.
“[D]espite the rise in consumer spending, Americans are saving more,” the report added. “The saving rate edged up to 7.9 percent of after-tax income in November.”
In addition, America’s unemployment rate reached a 50-year low, with unemployment among minorities being at an all-time high, while unemployment for those with less education being lower than it’s been since the first Bush administration.
“The lowest unemployment rates on record were matched or set in September 2019 for African Americans, Hispanics, and people with disabilities,” the White House revealed in October. “Additionally, the unemployment rate for people without a high school diploma fell to 4.8 percent, the lowest rate since the series began in 1992 and much lower than the 7.8 percent rate in November 2016.”
But as unemployment continues to dwindle, Democrats continue to build up the narrative that the U.S. economy is on a downturn.
“The jump in incomes and consumer spending undermines the narrative of an ailing economy that Democrat presidential hopefuls pushed at Thursday night’s [Democratic presidential] debate,” Breitbart pointed out.
The 266,000 jobs added to the economy in November mark the biggest gain since the beginning of the year back in January, and the strengthened workforce is projected to continue … at least through years-end.
“Economists are expecting consumer spending – which accounts for about 70% of economic activity – to remain solid in the final three months of the year to support continued moderate economic growth,” The Associated Press divulged. “They are forecasting growth of around 2% in the current October-December quarter – similar to the 2.1% gain of the third quarter.”
Those with domestic duties – as well as those engaged in undergraduate and graduate work – who are partially engaged in the workforce have also seen rates of employment that haven’t been seen since the turn of the century.
“The U-6 unemployment rate – which is a broader measure of underutilization in the labor market and includes those looking for work – marginally attached to the labor force, and working part-time but would like to work full time, fell to 6.9 percent … its lowest point since 2000,” the White House report added.
More indicators that the U.S. will continue to sustain a healthy economy were given.
“In the third quarter of 2019, 73.7 percent of workers entering employment came from out of the labor force rather than from unemployment – the highest share since the series began in 1990,” the statistics showed that were relayed by the Trump administration. “In an encouraging sign that people previously on the sidelines will continue entering the workforce, more than 300 companies have signed the Pledge to America’s Workers – to create upwards of 14 million new job and training opportunities through education and reskilling initiatives for current and future employees over the next five years.”
Numbers don’t lie …
More proof that America’s booming economy will endure in the year to come were provided in the report.
“As further evidence of the labor market’s strength, data released this week from the Department of Labor show initial Unemployment Insurance claims have remained at or below 300,000 for 239 consecutive weeks,” the White House recounted from the statistics. “That is the longest such streak since at least 1967 – despite the labor force more than doubling in size since then.”
And with more and more jobs becoming available, unemployment numbers are only expected to dwindle as companies seek to fill open positions.
“Additionally – for the 17th straight month – the number of unemployed people has been lower than the number of open jobs,” the government report noted. “BLS’s Job Openings and Labor Turnover Survey shows 7.2 million open jobs as of the last day of July – which is over 1.1 million more than the number of people unemployed in July.”