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Newest Job Growth Numbers Smash Economists' Projections

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The August jobs number came in well above Wall Street estimates, according to a report released Thursday by ADP and Moody’s Analytics.

ADP reported that private-sector payrolls grew by 195,000 during the month, even as many media outlets and Democrat politicians speculated whether the economy was entering into a recession.

The hiring figure was 55,000 higher than projected and 47,000 above the July number.

It also marked a four-month high in jobs added.

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“Economists surveyed by Dow Jones had been looking for a gain of just 140,000 following July’s 142,000, which was reduced downward by 14,000 from the original count,” CNBC reported.

“August’s growth was the best showing since the 255,000 added in April,” the report said.

Mark Zandi, chief economist at Moody’s Analytics, said in a statement that “businesses are holding firm on their payrolls despite a slowing economy.”

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“Businesses are holding firm on their payrolls despite the slowing economy,” Zandi said.

“Hiring has moderated, but layoffs remain low. As long as this continues recession will remain at bay,” he added.

Only about one-third of economists surveyed by The Wall Street Journal believe the U.S. is entering into a recession.

President Donald Trump celebrated the news Thursday morning, tweeting, “Really Good Jobs Numbers!”

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Both The New York Times’ Maggie Haberman and The Washington Post’s Aaron Blake accused Trump of engaging in wrongdoing by tweeting about the jobs numbers.

They apparently thought the president was referring to the official jobs report due out by the Bureau of Labor Statistics on Friday.

The Federalist’s Sean Davis set Haberman straight, tweeting, “ADP released its monthly payroll report this morning, which showed that 195,000 new jobs were created last month.”

Davis continued, “NYT’s top White House reporter ignored that obvious fact and instead peddled a baseless conspiracy theory.”

While Haberman answered her critics with a sarcastic response, Blake deleted his tweet and issued a mea culpa.

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Randy DeSoto has written more than 2,000 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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