The economy continues to hum along under the leadership of President Trump. The growth comes despite the lack of help he gets from congressional lawmakers who cannot find a way to pass the reforms that would help make America great again.
On Friday morning, a government report shows the U.S. economy added 261,000 jobs in October and the unemployment rate was 4.1 percent, as labor conditions returned to normal following the storm-filled month of September.
A month after the initial report showed nonfarm payrolls decreased by 33,000, the employment picture rebounded solidly. Job growth had been averaging 172,000 per month prior to the October count.
In addition to showing that September’s count was a storm-influenced aberration, the Bureau of Labor Statistics report coincides with other data indicating economic momentum. Gross domestic product grew by 3 percent in the third quarter, according to the government’s first estimate, and CNBC’s tracker shows the fourth quarter on pace to rise 2.8 percent.
The report comes as the Federal Reserve is expected to hike its benchmark rate another quarter point in December. However, the central bank has been wary over the lack of inflation, particularly in the average hourly earnings component of the non-farm payrolls count.
President Trump continues to work diligently to help businesses grow and for new jobs to be created. He’s been pushing hard for Congress to help him pass a tax reform bill that will benefit the middle class and businesses, both big and small.
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