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Unemployment Drops Substantially As America Gets Back To Work

Unemployment Drops Substantially As America Gets Back To Work
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The corporate business media was desperate to wipe away this morning’s news that American unemployment dropped substantially below 7% unexpectedly. ‘But there’s no stimulus!’ they crowed.

President Trump largely preventing the communist lockdowns is taking hold, and the American economy is rebounding.

The impressive economic performance will add to the pressure The White House is building to legitimize the true results of the election.

Yesterday the Fed kept short-term interest rates on hold at .25%.

Nonfarm Payrolls (Oct) printed at 638k vs 600k estimate.

Average Hourly Earnings (YoY) (Oct) printed at 4.5% vs 4.6% estimate.

Average Weekly Hours (Oct) printed at 34.8 vs 34.7 estimate.

Labor Force Participation Rate (Oct) printed at 61.7%.

Average Hourly Earnings (MoM) (Oct) printed at 0.1% vs 0.2% estimate.

U6 Unemployment Rate (Oct) printed at 12.1%.

Unemployment Rate (Oct) printed at 6.9% vs 7.7% estimate.

Baker Hughes US Oil Rig Count printed later in day.

Consumer Credit Change (Sep) printed later in day.

REPORTED YESTERDAY (Busy news day)

Challenger Job Cuts (Oct) printed at 80.666k.

Continuing Jobless Claims (Oct 23) printed at 7.285M vs 7.2M estimate.

Nonfarm Productivity (Q3) PREL printed at 4.9% vs 5.6% estimate.

Initial Jobless Claims (Oct 30) printed at 751k vs 732k estimate.

Unit Labor Costs (Q3) PREL printed at -8.9% vs -11.5% estimate.

Initial Jobless Claims 4-week average (Oct 30) printed at 787k.

EIA Natural Gas Storage Change (Oct 30) printed at -36B vs -26B estimate.

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1 comment

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DD More November 6, 2020 at 2:34 pm

So if Spock had a comment to Capt Kirk – “Hours will seem like days”, Guess Trump to Obama would be “Months will seem like years”.

Obama takes office with 8% unemployment Jan 2009
Jumps to 10% peak 8/2009
Falls below 7% 9/2013 – 4 Years

Trump did in 4 Months.

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