Friday, May 3, 2019

What happens when you increase freedom

You get economic numbers like these:

The numbers: The U.S. created 263,000 new jobs in April to help drive the unemployment rate down to a 49-year low, the latest cue pointing to a rebound in the economy after a slow start in the new year.
The increase in hiring was concentrated at white-collar businesses, construction and health care. The only sector to suffer a big drawback was retail, whose employment fell for the third straight month.
The increase in new jobs easily topped the 213,000 forecast of economists surveyed by MarketWatch. 
The unemployment rate, meanwhile, slipped to 3.6% from 3.8% in March, marking the lowest level since December 1969, the Labor Department said. The decline in April stemmed from nearly a half-million workers dropping out of the labor force, but by the any measure, layoffs and unemployment are scraping a 50-year low. 
The amount of money the average worker earns, meanwhile, rose 6 cents to $27.77 an hour. 
The increase in pay in the past 12 months was unchanged at 3.2%. While hourly pay is rising at the fastest pace in nearly a decade, the increase in wages appears to have leveled off. That ought to ease any worries at the Federal Reserve about rising wages triggering a sharp increase in inflation.
What happened: Professional and business services added 76,000 jobs, continuing a torrid steak under which total employment has risen by more than a half million in the past year. 
Construction companies boosted payrolls by 33,000, the second straight solid gain. Health-care providers hired 27,000 people and employment in social assistance climbed by 26,000.
Manufacturers added a scant 4,000 jobs after no increase in March. Hiring has been very weak this year as companies struggle with stagnant exports and the effects of U.S. trade tensions with China.
Government jobs rose by 27,000. The federal government is already starting to hire workers for the 2020 Census.
Retailers, on the other hand, cut 12,000 jobs as traditional brands continue to lose ground to internet rivals. 
Although the economy is still pumping out plenty of new jobs, the rate of hiring has slowed. The U..S. added an average of 169,000 jobs in the past three months, down from a three-year high of 232,000 in January.
Still, the U.S. is on track to add 2 million new jobs for the ninth straight year.
It's a direct result of government backing off from interfering in human economic activity. Letting people keep more of their own money.

This is not a Trump shill piece. Credit is due him for listening to advisors who actually understand the principle (freedom) involved, as well as to those in Congress who understand it, but the brunt of the credit goes to the enterprising people of this country who were itching to be productive.


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