Washington, DC - January’s jobs numbers are further evidence that show wages are growing, business optimism is strong, and the economy is thriving.
FOX BUSINESS: US Employers Added 304,000 Jobs in January, Soaring Past Expectations
“U.S. employers added 304,000 jobs in January, soaring past Wall Street’s expectations for an increase of 165,000 jobs … The unemployment rate climbed to 4 percent from 3.9 percent, while the labor force participation rate rose slightly to 63.2 percent. Average hourly earnings, meanwhile, rose by 3 cents to $27.56. Over the year, average hourly earnings have increased by a total of 85 cents, or about 3.2 percent. … Jobs numbers follow a report released on Wednesday from payroll processing firm ADP, which revealed the private sector added 213,000 jobs in December, beating analysts’ expectations of 178,000 jobs. ”
CNBC: Worker Wage Gains Just Broke 3% for the First Time in More Than 10 Years
“Wages and salaries for American workers rose more than 3 percent over the past year, the first time that threshold has been broken in more than 10 years, according to a Labor Department report Thursday. The employment cost index, which the Bureau of Labor Statistics releases quarterly, showed a 3.1 percent gain in the wages and salaries component in the fourth quarter of 2018.”
THE WALL STREET JOURNAL: U.S. Stocks Post Best January in 30 Years
“Banks and smaller companies propelled stocks to their best January in 30 years, a sign that investors are favoring sectors tied to the U.S. economy. … the Dow Jones Industrial Average and the S&P 500 both closed with their biggest monthly gains since October 2015. The blue-chip index’s 7.2% rise was its best January performance since 1989, while the S&P’s 7.9% advance marked its best start to the year since 1987.”
WASHINGTON EXAMINER: Still Hot: 79 Percent of Businesses to Add Jobs, Tax Cuts a Big Help
“Business owners and executives plan to benefit from the 2017 tax cut for a second year and nearly 8-in-10 plan to add more jobs, according to a new survey of industry leaders. A survey of owners, chief executive officers, vice presidents, officers, administrators, and directors found that 79 percent are putting plans in place to hire more employees. And broadly, said the new Zogby Analytics Poll, executives are citing the tax cut for continued expansion.”
FOX BUSINESS: Economy Strong Thanks to Trump Tax Cuts, CBO Report Shows
“Earlier this week, the Congressional Budget Office released their Budget and Economic Outlook report for 2019 to 2029. … Regardless of what may happen in the future, the CBO report confirms that the economy today is strong. Real disposable income is expected to grow by 2.9 percent in 2018 while consumer spending is expected to grow by 2.7 percent. Growth of Real Business Fixed Investment (measured as purchases of equipment, structures and IP) increased by 14.9 percent in 2017 and is projected to increase by 9.6 percent in 2018.”
WASHINGTON EXAMINER: 10-Year Economic Optimism Jumps: More Hiring, Investing, Seeing Fundamentals ‘Strong’
“Long-term investor optimism is up, with more than seven in 10 calling the economy’s fundamentals “strong,” according to a new investor and business survey. The latest UBS Investor Watch Pulse Poll found that 71 percent are more optimistic about the 10-year economic outlook than they were just two months ago when it was still a high 68 percent. And, said UBS, 78 percent believe the economy’s fundamentals are “strong,” and 75 percent said they expect to reach their long-term goals.”
REUTERS: Philly Fed Business Index Rises More Than Expected in January
“The Philadelphia Federal Reserve said on Thursday its barometer on U.S. Mid-Atlantic business activity increased more than forecast in January, suggesting resilience in the region’s manufacturing sector … The Philly Fed said its business activity index rose to 17.0 from 9.1 in December. The latest figure was above economists’ expectations of 10.0, according to a Reuters poll. Any reading above zero indicates expansion in the region’s manufacturing sector.”
ABC NEWS: Manufacturing Surge Pushes Industrial Production Up 0.3 Pct
“U.S. industrial production increased 0.3 percent in December, led by the biggest surge in manufacturing in ten months. The Federal Reserve said Friday that that manufacturing output jumped 1.1 percent last month, the largest gain since February 2018. Automakers drove much of the growth with a 4.7 percent jump in production. Utility output slumped 6.3 percent amid an unseasonably warm December. Mining output rose 1.5 percent on increased extraction of oil and natural gas. Overall industrial production is up 4 percent from a year ago.”
NATIONAL ASSOCIATION OF MANUFACTURERS CHIEF ECONOMIST CHAD MOUTRAY IN THE HILL: Manufacturers Are Gung-Ho for 2019 – for Good Reason
“Manufacturing has been a bright spot in the economy over the past few years. … [The] most recent quarterly Manufacturers’ Outlook Survey from the National Association of Manufacturers (NAM) showed 2018 as the best year ever for manufacturer optimism. Today, about nine in 10 manufacturers are optimistic about the future, and other sentiment releases have reflected similarly positive assessments. Manufacturing leaders feel upbeat about future growth in new orders, output and employment.”