New Payroll Numbers Reveal There Is Something Really Special Going on in Trump's First Year

Combined Shape

The new year got off to a roaring start in terms of job creation, with businesses adding 234,000 jobs in January, according to the payroll processor ADP.

CNBC reported that figure exceeded expectations, with economists looking for about 185,000 to be added during the first month of 2018.

Mark Zandi, chief economist of Moody’s Analytics, said the strong January numbers bode well for the rest the year.

“The job market juggernaut marches on,” Zandi said in a statement in the ADP announcement.

“Given the strong January job gain, 2018 is on track to be the eighth consecutive year in which the economy creates over 2 million jobs,” he stated, adding, “If it falls short, it is likely because businesses can’t find workers to fill all the open job positions.”

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The current unemployment rate is 4.1 percent, according to the Bureau of Labor Statistics, which Zandi believes could drop to 3.5 percent in 2018, given the current job growth rate.

The Atlanta Federal Reserve is projecting the overall economy to grow at 4.2 percent in the first quarter.

The Fed revised its GDP growth estimate up for the fourth quarter of 2017 from 3.92 to 3.98 percent.

During President Barack Obama’s entire eight years in office, the annual growth rate never topped 3 percent. During his final two quarters in office, the economy grew at a 1.6 percent rate.

Do you think President Trump deserves credit for the strong payroll figures?

President Donald Trump touted the economic accomplishments under his administration during his first State of the Union address, delivered before a joint session of Congress on Tuesday night.

“Since the election, we have created 2.4 million new jobs, including 200,000 new jobs in manufacturing alone,” he said. “After years of wage stagnation, we are finally seeing rising wages.”

The president continued, “Unemployment claims have hit a 45-year low. African-American unemployment stands at the lowest rate ever recorded, and Hispanic American unemployment has also reached the lowest levels in history.”

Trump added that small business confidence is at an all-time high, and the stock market hit multiple records highs, gaining $8 trillion in value since his election.

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The Wall Street Journal and The New York Times credited the massive cut in red tape under Trump with creating the current pro-growth business climate, which the Republican tax reform law passed last month only enhances.

The president encouraged Americans to seize the opportunity created by the thriving economy and pursue their dreams.

“This is our new American moment,” Trump stated. “There has never been a better time to start living the American dream,” he added.

He said, “So to every citizen watching at home tonight — no matter where you have been, or where you come from, this is your time. If you work hard, if you believe in yourself, if you believe in America, then you can dream anything, you can be anything, and together, we can achieve anything.”

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Randy DeSoto has written more than 1,000 articles for The Western Journal since he joined the company in 2015. He is a graduate of West Point and Regent University School of Law. He is the author of the book "We Hold These Truths" and screenwriter of the political documentary "I Want Your Money."
Randy DeSoto is the senior staff writer for The Western Journal. He wrote and was the assistant producer of the documentary film "I Want Your Money" about the perils of Big Government, comparing the presidencies of Ronald Reagan and Barack Obama. Randy is the author of the book "We Hold These Truths," which addresses how leaders have appealed to beliefs found in the Declaration of Independence at defining moments in our nation's history. He has been published in several political sites and newspapers.

Randy graduated from the United States Military Academy at West Point with a BS in political science and Regent University School of Law with a juris doctorate.
Birthplace
Harrisburg, Pennsylvania
Nationality
American
Honors/Awards
Graduated dean's list from West Point
Education
United States Military Academy at West Point, Regent University School of Law
Books Written
We Hold These Truths
Professional Memberships
Virginia and Pennsylvania state bars
Location
Phoenix, Arizona
Languages Spoken
English
Topics of Expertise
Politics, Entertainment, Faith




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