The U.S. Labor Market Added 1.8 Million Jobs Since President Trump Took Office, And Consumer Comfort In 2017 Was The Highest In Over A Decade
- Since President Trump took office, the unemployment rate has decreased from 4.8 percent to 4.1 percent, a 17-year low.
- The U.S. economy has added 1.8 million jobs since President Trump took office.
- The Bloomberg Consumer Comfort Index averaged 50 in 2017, the highest yearly average since 2001.
- The December 2017 jobs report has been praised and includes a number of strong indicators of economic health.
- Over 100 companies and counting have pledged to offer bonuses, pay raises, and benefits increases after Republicans passed historic tax reform, a trend that is having a positive impact for many Americans and charities across the country.
- The Christmas shopping season was the best in a decade, far exceeding expectations.
- The Dow has topped 25,000, up 36 percent since President Trump was elected, "an incredible move in such a short period."
TODAY'S STRONG JOBS REPORT SHOWS THE ECONOMY HAS BOOMED UNDER PRESIDENT TRUMP, ADDING 1.8 MILLION JOBS IN 2017
In 2017, The Unemployment Rate Fell From 4.8 To 4.1 Percent
The Unemployment Rate Stayed The Same At 4.1 Percent In December . ( Bureau Of Labor Statistics , Accessed 12/8/17)
The 4.1 Percent Unemployment Rate Is The Lowest Level In 17 Years . "The U.S. economy added 228,000 jobs in November and unemployment held steady at 4.1 percent, the lowest level it's been in 17 years." (Kaitlan Collins, Twitter Feed , 12/8/17)
The Unemployment Rate Has Decreased From 4.8 Percent To 4.1 Percent Since President Trump Took Office . ( Bureau Of Labor Statistics , Accessed 12/8/17)
The Total Of Job Cuts Made In 2017 Were At The Lowest Point They Have Been In Almost 30 Years. "U.S. employers announced plans to cut 32,423 jobs in December, bringing the year's total to a low not seen since 1990, global outplacement consultancy Challenger, Gray & Christmas reported Thursday." (Chloe Aiello, "Job-Cut Announcements In 2017 See Lowest Level Since 1990, Challenger Report Says," CNBC , 1/4/18)
The Labor Market Continued To Grow In December, Adding 148,000 Jobs, Bringing The Total Jobs Created Under President Trump To 1.8 Million
Nonfarm Payroll Increased By 148,000 In December. ( Bureau Of Labor Statistics , Accessed 12/8/17)
Nonfarm Payroll Has Increased By 1,839,000 Since President Trump Took Office . ( Bureau Of Labor Statistics , Accessed 12/8/17)
The Bloomberg Consumer Comfort Index In 2017 Was Higher Than Any Year Since 2001
The Consumer Comfort Index Averaged 50 In 2017, The Highest Yearly Average Since 2001. "Comfort measure averaged 50.0 in 2017, up from 43.6 a year earlier and the best reading since 51.8 in 2001." (Jordan Yadoo, "Consumer Comfort In U.S. Advanced In 2017 To A 16-Year High," Bloomberg , 1/4/18)
THIS MONTH'S JOBS REPORT HAS DRAWN WIDESPREAD PRAISE ACROSS THE SPECTRUM
This Month's Jobs Report Is Being Called A "Good" Jobs Report
The Number Of Unemployed Persons Is Down 926,000 Over The Past Year. "Also, number of unemployed persons, at 6.6 million, essentially unchanged in December, but number of unemployed persons down 926,000 over past year." (Mark Knoller, Twitter Feed , 1/5/17)
In December 2017, African-American Unemployment Fell To The Lowest Point Since Data Collection Began In 1972 . (Carl Quintanilla, Twitter Feed , 1/5/18)
Manufacturing Gained 25,000 Jobs In December, Bringing The Total Number Of Manufacturing Jobs Created In 2017 To 196,000. "BREAKING: Manufacturing gained 25,000 new jobs in December. The sector gained 196,000 total new jobs in 2017." (AAM, Twitter Feed , 1/5/17)
CNBC Panel: "This Is A Good Jobs Report." CNBC's CNBC's RICHARD BERNSTEIN: "For the record, this is a good jobs report." CNBC's STEVE LIESMAN: "That's what I'm trying to say, Jared. That's what I'm trying to say. Look, you have the big revision to November 221 to 239 on the private sector, a small decline in October. So, what did Hampton say the three-month average was? Up near 210 for the three-month average, and this number could be revised higher I think in the future. Leisure hospitality up 29,000 - that's a good number. And standing out to me, is this construction number up 30k and the manufacturing number up by 25k. Those are good numbers."(CNBC's "Squawk Box," 1/5/18)
THIS MONTH'S JOBS REPORT MAY BE A SIGN OF EVEN BETTER THINGS TO COME, AS AMERICANS ARE ALREADY REAPING THE BENEFITS OF PRESIDENT TRUMP'S TAX CUT IN THE FORM OF BONUSES AND INVESTMENTS
Over 100 Businesses So Far Have Said They Will Give Their Employees Bonuses And Pay Raises Because Of President Trump's Historic Tax Cuts
Since Republicans Passed Historic Tax Reform Over 100 Companies Have Pledged To Offer Bonuses, And Pay And Benefits Increases To Their Employees, Moves Which Will Impact Thousands Of Americans And Charities Across The Country. "The number of companies offering employee bonuses, pay hikes, and increases in benefits in reaction to President Trump's December tax reform victory is now over 100, with thousands of workers impacted and charities too." (Paul Bedard, "Over 100 Companies Giving 'Trump Bonuses' After Tax Victory, 'Tsunami Building,'" The Washington Examiner , 1/4/18)
As A Result Of The Tax Cuts And Jobs Act, AT&T Will Pay $1,000 Bonuses To Over 200,000 "'Union-Represented, Non-Management" Workers, And Will Invest An Additional $1 Billion Into The United States In 2018 Alone. "AT&T, the No. 2 U.S. wireless carrier, said it will pay $1,000 bonuses to more than 200,000 employees and invest an additional $1 billion in the United States in 2018, once the tax reform bill is signed into law. An AT&T spokesman said the bonuses were unrelated to the $1,000 that 20,000 AT&T Mobility employees will receive as part of an agreement with the Communications Workers of America announced last week. Employees eligible for the bonus are all 'union-represented, non-management and front-line managers,' AT&T said in a statement." ("AT&T, Two Banks Offer Bonuses, Pay Hikes In Wake Of U.S. Tax Reform," Reuters , 12/20/17)
After The Tax Cuts And Jobs Act Passed, Comcast Announced It Would Give $1,000 Bonuses To Over 100,000 Employees And Invest $50 Billion Into Its U.S. Infrastructure In The Next 5 Years. "Cable provider Comcast Corp also said it would give $1,000 bonuses to more than 100,000 employees and invest $50 billion over the next five years in its infrastructure." ("AT&T, Two Banks Offer Bonuses, Pay Hikes In Wake Of U.S. Tax Reform," Reuters , 12/20/17)
Fifth Third Bank Announced That It Will Pay More Than 200,000 Employees $1,000 Bonuses . "Fifth Third is yet another company to announce a bonus for employees because of the tax plan. AT&T said earlier Wednesday that it would pay more than 200,000 U.S. employees $1,000 each and increase its capital spending budget by $1 billion." (Liz Moyer, "Wells Fargo, Fifth Third Bancorp Unveil Minimum Wage Hikes After Tax Bill Passage," CNBC , 12/20/17)
- In Addition To Bonuses, Fifth Third Bancorp Will Raise Its Minimum Wage To $15. "In addition to its promised bonuses, Cincinnati regional bank Fifth Third Bancorp said it would also raise the minimum wage for its employees to $15." (Mike Snider, "Sinclair Joins Companies Promising Tax Reform Bill Bonuses To Employees," USA Today , 12/22/17)
Citing Passage Of The Tax Cuts And Jobs Act, Bank Of America Has Announced They Will Give About 145,000 Employees $1,000 Bonuses . "Bank of America will give some of its employees a $1,000 bonus, citing the tax bill that was just signed into law. 'Beginning in 2018, we will see benefits from the tax reform ... in the form of lower corporate tax rates,' CEO Brian Moynihan said in an internal memo to employees obtained by CNBC. He also said that about 145,000 employees will receive the bonus." (Fred Imbert, "Bank Of America Is Giving Some Employees A $1,000 Bonus, Citing Tax Bill," CNBC , 12/22/17)
In Response To The Tax Cuts And Jobs Act, Southwest Airlines Announced They Will Give All Full- And Part-Time Southwest Employees A $1,000 Bonus. "Southwest Airlines announced Tuesday the company's plans to celebrate the new tax reform law President Trump signed right before Christmas. The Southwest Board of Directors authorized a bonus to all Southwest Airlines employees to celebrate the recent passage of the tax reform legislation. All full-time and part-time Southwest employees with Southwest on Dec. 31, 2017, will receive a $1,000 cash bonus on Jan. 8, 2018." ("Southwest Airlines Announces Bonuses, New Investment," CBS , 1/2/18)
American Airlines Announced It Would Distribute A $1,000 Bonus To Every Team Member Excluding Officers As A Result Of The Tax Cuts And Jobs Act Passing. "In a letter to team members, CEO Doug Parker and President Robert Isom are pleased to announce that in light of the new tax structure and in recognition of our outstanding team members, American will distribute $1,000 to each team member (excluding Officers) at our mainline and wholly owned regional carriers." (Press Release, "American Airlines to Distribute $1,000 to Each Team Member," American Airlines , 1/2/18)
Sinclair Broadcasting, The Nation's Largest TV Broadcaster, Promised $1,000 Bonuses To Nearly 9,000 Full- And Part-Time Employees, Excluding Senior Executives, After The Tax Cuts And Jobs Act Passed. "Add Sinclair, the nation's largest TV broadcaster, to the companies promising a $1,000 bonus to employees with the successful passage of the tax reform bill. The Hunt Valley, Md.-headquartered Sinclair Broadcast Group, which has 173 TV stations and reaches more than 38% of the U.S., said Friday that it will pay a special $1,000 bonus to its nearly 9,000 full-time and part-time employees, excluding senior level executives." (Mike Snider, "Sinclair Joins Companies Promising Tax Reform Bill Bonuses To Employees," USA Today , 12/22/17)
Wells Fargo Has Announced They Will Increase Minimum Hourly Pay To $15 An Hour As A Result Of The Tax Cuts And Jobs Act. "Wells Fargo & Co said the bank will hike minimum hourly pay to $15 an hour in March, up 11 percent from its previous minimum. It will also offer new restricted stock awards to 250,000 employees." ("AT&T, Two Banks Offer Bonuses, Pay Hikes In Wake Of U.S. Tax Reform," Reuters , 12/20/17)
THE 2017 HOLIDAY RETAIL SEASON WAS "THE BEST IN A DECADE"
The Christmas Retail Boom Exceeded Expectations And Historic Tax Legislation Could Help It Continue Into 2019
The 2017 Christmas Shopping Season Was "Probably The Best In A Decade." "The good news for U.S. retailers is that the just-ended Christmas shopping season was probably the best one in a decade" (Matthew Townsend, Lindsey Rupp, "Best Christmas In A Decade Still Leaves Some Stores Behind," Bloomberg , 1/4/18)
The Holiday Retail Season Was "As Good As It Gets", Posting 6.1 Percent Growth, A Number Well Above The 5.6 Percent Growth Experts Predicted. "On a broader scale, there's plenty for investors to be excited about. Craig Johnson, head of Customer Growth Partners, predicted last month that holiday sales would gain 5.6 percent. That would be the best growth since 2005. The industry posted a 6.1 percent increase that year, when the economy was still thriving and a hot housing market was boosting spending. 'This retail recovery this season is about as good as it gets,' Johnson said. 'It was a stellar season.'" (Matthew Townsend, Lindsey Rupp, "Best Christmas In A Decade Still Leaves Some Stores Behind," Bloomberg , 1/4/18)
Tax Legislation May Help Propel This Retail Boom Into 2019 As Consumers Find More Money In Their Paychecks To Spend. "Though the legislation might not have made a big difference for holiday consumers, it could help fuel retail spending in 2018 if Americans find more money in their paychecks, Johnson said. 'These are all the ingredients for a sustained retail boom over the next year, and possibly into 2019,' he said." (Matthew Townsend, Lindsey Rupp, "Best Christmas In A Decade Still Leaves Some Stores Behind," Bloomberg , 1/4/18)
THE STOCK MARKET HAS REACHED ANOTHER ALL-TIME HIGH
The Stock Market Soared To New Heights, Giving The Economy Momentum Heading Into 2018
The Dow Topped 25,000 For The First Time, And There Is "No Doubt" That The Economy Has Momentum Heading Into 2018. "President Trump cheered as the Dow topped 25,000 for the first time ever Thursday, claiming that the record for the stock market index is evidence that "make America great again" is happening. There's no doubt the U.S. economy and Wall Street have momentum heading into Trump's second year as president." (Heather Long, "In Trump's First Year, Stocks Soar For Rich, But Wages Stay Flat," The Washington Post , 1/5/18)
The Dow Has Spiked 36 Percent Since President Trump Was Elected, "An Incredible Move In Such A Short Period." "The market milestone comes barely a month after the Dow cracked 24,000 for the first time. The 121-year-old index has spiked nearly 7,000 points, or 36%, since President Trump's election, an incredible move in such a short period." (Matt Egan, "Dow Races To 25,000 For The First Time," CNN , 1/4/17)
Economy Jobs, Wages and Unemployment