Economy is strong, and facts override spin to illustrate it
These are politically-charged times and interpreting the strength of the U.S. economy is no exception.
Political foes of the current administration like to insist that the strength of the nation’s economy is either a fluke, a fraud or was created in the eight years previous to 2017.
So consider the following facts:
• The jobs report for November included 6.9 million opening, 16 percent more than a year ago.
• Hiring in December reached a 10-month high.
• The number of job openings is higher than the number of unemployed, a switch that occurred last March for the first time in the nearly 20 years the government has tracked job openings.
• The need to fill openings is pushing up wages. Average hourly pay rose 3.2 percent in December from a year earlier, the best yearly gain since the recession a decade ago.
• The number of people quitting jobs in November was 6.6 percent higher than a year ago. Quits are a positive development, because most people quit a job for another job, usually for higher pay.
So every factually indicator debunks the politically-fueled talking point that the economy is not healthy, that wages are stagnant or that opportunities have not been substantially inflated in the past two years.
Add to that an overall economic growth rate of about 3 percent – unheard of in the decade previous to this administration – and claims that the economy is not strong and not a product of this administration’s policies does not jibe with the facts.