According to payroll processor ADP, more than 400,000 new jobs were created by the Trump economy in October. This is the sixth month of gains in a row since the shutdown, during which the economy has added back almost 10 million jobs from the 19.7 million lost in March and April.
The gains were broad-based, with new jobs being added in every sector: manufacturing (17,000), services (348,000), and franchise employment (49, 600).
The job gains reflect the remarkable comeback of the economy from the April lows. Consumer sentiment, both “present” and “future outlook,” jumped in September, along with business owners’ sentiment, which “surged higher,” according to Chris Williamson, chief business economist at IHS Markit.
The Conference Board’s CEO Confidence Index continued to improve in September as well, with “a solid 70 percent of top executives [saying that] economic conditions were better compared to six months ago … [and] 64% expect[ing] economic conditions to improve in the next six months,” according to their report.
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Retail sales, both online and at stores, jumped in September for the fifth straight month, with the “Beige Book” of the Federal Reserve showing economic activity “continuing to increase all districts” tracked by the Fed.
If this is how well the U.S. economy operates when only half of the people who were laid off during the COVID pandemic are back at work, imagine how the economy will behave when the rest of those who lost their jobs come back to work!
The only thing threatening the ongoing recovery would be policies being pushed by the Democratic Party to shut it down. If Biden is allowed the privilege of assuming the U.S. presidency, he, along with his socialist vice-president, Kamala Harris, have promised to lock down the economy, relying on “scientists” and their theories to justify their actions.
They have also promised to shut down fracking and replace the entire U.S. energy industry with the Green New Deal, suggesting that jobs lost in the private sector will be replaced by a vast increase of those in the public sector.
As long as the U.S. economy is allowed to breathe, it will continue to bring back jobs to meet the ever-increasing demands of a U.S. consumer back at work. There’s much lost ground to be made up but, left alone, the extraordinary economic engine driven by the private capitalist system will accomplish it shortly.
