This morning’s employment data came in surprisingly strong, off the charts in many measures, as the Trump economy reignites two months prior to the 2020 presidential election in November. The White House and the Trump Campaign have to be happy with these prints.
Unemployment shrank much more than expected, and new jobs blossomed as the American people get back to work after the Chinese coronavirus pandemic and scam (many call it the plandemic, because it was obviously planned – but it didn’t work!).
The Labor Force Participation rate also rose, along with hours worked. Earnings were also unexpectedly higher.
Financial markets are higher on the news, reversing the morning’s pre-open continued pullback after yesterday’s plunge.
Tech stocks are likely to continue their much-needed correction but other sectors of the economy are not flying so high and may be worth a look for investors. The hospitality and airlines sectors look particularly attractive as Trump’s re-election is looking very probable.
Nonfarm Payrolls (Aug) printed at 1371k vs 1400k consensus estimate.
Average Hourly Earnings (YoY) (Aug) printed at 4.7$ vs 4.5% estimate.
Average Weekly Hours (Aug) printed at 34.6 vs 34.5 estimate.
Labor Force Participation Rate (Aug) printed at 61.7% vs 61.4% estimate.
Average Hourly Earnings (MoM) (Aug) printed at 0.4% vs 0.0% estimate.
U6 Underemployment Rate (Aug) printed at 14.2% vs 17.3% estimate.
Unemployment Rate (Aug) printed at 8.4% vs 9.8% estimate.