This week was supposedly a seminal week for the Democratic Party, who are now in the midst of drafting articles of impeachment against President Donald Trump.
The escalation comes after a public hearing in which several constitutional scholars hand-picked by the House Judiciary Committee’s Democratic majority testified that yes, they believed Trump had committed offenses that qualify as “high crimes and misdemeanors”. In a sign of the times, the single witness called by the Republicans dissented, despite himself having not voted for Donald Trump during the 2016 election.
Yet, despite, (and maybe in spite of), all of this chintzy chatter, President Trump and his team continue to achieve incredible feats, particularly as it pertains to the economy.
The jobs market turned in a stellar performance in November, with nonfarm payrolls surging by 266,000 and the unemployment rate falling to 3.5%, according to Labor Department numbers released Friday.
Those totals easily beat the Wall Street consensus. Economists surveyed by Dow Jones had been looking for solid job growth of 187,000 and saw the unemployment rate holding steady from October’s 3.6%. The decline in November’s jobless rate came amid a corresponding 0.1 percentage point drop in the labor force participation rate, to 63.2%.
Stocks opened sharply higher in reaction to the better-than-expected report. Bond yields also surged.
“Bottom line, America is working,” Larry Summers, director of the National Economic Council, told CNBC’s “Squawk on the Street.” “These are very strong numbers. These are happy numbers, these are sunny Friday numbers.”
And that’s not all…
The jobs growth was the best since January’s 312,000 and well clear of the November 2018 total of 196,000. While hopes already were up, much of that was based on the return of General Motors workers following a lengthy strike. That dynamic indeed boosted employment in motor vehicles and parts by 41,300, part of an overall 54,000 gain in manufacturing. The vehicles and parts sector had fallen by 42,800 in October.
This could spell trouble for the Democrats, who have already found themselves losing support for this impeachment fiasco among congressional colleagues.
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