The core principles of Trumponomics: low tax rates, rollback of (productivity-destroying) regulations and fair international trade has again made the United States the world’s strongest economic engine.
Even in the face of some of these trade skirmishes (not yet wars) and rapidly rising interest rates by the Federal Reserve, this week we had proof — surging real income, soaring productivity, high job creation and record low unemployment.
Over the last 12 months, wages and salaries (not including benefits) increased by 3.1%, considerably above the 2.3% growth in inflation (Consumer Price Index), illustrating that we have real income gains.
Jobs increased by 250,000 in October well above the 190,000 that were forecasted. Such recent growth in jobs has reduced the unemployment rate to just 3.7%, the lowest rate since 1969 or nearly 50 years.