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April 05, 2019

Unexpectedly, The US Economy Adds Nearly Another 200,000 New Jobs and the Unemployment Rate Remains Stable at a Low 3.8%

Imagine if the media were tabulating how many jobs had been saved or created!

But this is a Republican president, so we only count the ones actually created.

Economists had predicted smaller jobs gains. Trump is the anti-Obama.

196,000 new jobs were created. (And tons of jobs "saved"!)

Economists surveyed by Bloomberg had estimated 175,000 jobs were added last month.

Job gains for January and February were revised up by a modest 14,000.

February's poor gains are attributed to bad weather and also a milder January than usual, which resulted in more jobs gains in January, and hence a smaller potential for jobs growth in February (that is, a lot of the jobs that would have been created in February were created earlier in January).

Meanwhile, Trump continues to jawbone the Fed into dropping the interest rates it had previously escalated, which had slowed the economy (and yet it still grew).

"I personally think the Fed should drop rates," Trump told reporters outside the White House. "I think they really slowed us down."

...

Trump is escalating his long-running battle with the Fed, which he has accused of being the "only problem" facing the economy. He pressed Chairman Jerome Powell for months to halt the central bank's interest-rate-hike campaign, but is now calling on the Fed to stimulate growth. He has also said he intends to nominate two Fed governors who say they support rate cuts.

He says he wants the Fed to help turn the economy "into a rocket ship."

As you probably heard, Trump wants to appoint Mr. 9-9-9, Herman Cain, to the Fed Reserve Board.

If Moore and Cain are both appointed, Trump would have allies on the Board who lean towards the pro-growth policies he favors.

Trump has announced plans to fill a second vacancy on the Fed board with another critic, Stephen Moore, who has echoed the president's own complaints that the Fed stifled economic growth by raising interest rates last year.

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posted by Ace of Spades at 02:07 PM

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