Skip to comments.The U.S. Economy’s Remarkable Recovery Continues As Biden Plans To Crush It
Posted on 11/16/2020 11:41:38 AM PST by Kaslin
An astonishing 2.2 million more Americans were working in October than in December, and 1.5 million fewer were unemployed.
Good news about the economy continued to pour in during Election Week. Predictably, the nation’s establishment press, obsessed with its self-appointed insistence that Joe Biden is the nation’s president-elect, virtually ignored it.
On Nov. 6, the government’s October jobs report revealed that the nation’s unemployment rate dropped a full point to a seasonally adjusted 6.9 percent, while nonfarm payroll employment increased by 638,000. The reported unemployment rate smashed expectations that it would only drop to 7.6 percent, while the employment increase beat expectations by 58,000.
The report’s detail was even stronger than its headline numbers. The survey used to determine the unemployment rate reported that an astonishing 2.2 million more Americans were working in October than in December, and that 1.5 million fewer were unemployed. The separate survey of employers used to report official job additions showed that the private sector added more than 900,000 jobs (the lower overall number was primarily due to the release of census workers in the government sector).
Thus, in the six months since the March-April COVID-19 lockdowns:
One can’t help but wonder how much better even these strong numbers would be if it weren’t for the serious restrictions on business activity seen in so many deep-blue U.S. states and cities. Just two of the most notorious examples—New York City (14.1 percent unemployment in September) and California (11.0 percent)—caused September’s national jobless rate to be a half-point higher.
Readers should not be surprised if they are unaware of all of this good news. The afternoon after the jobs report’s release, Jose Vazquez at the Media Research Center’s NewsBusters blog reported that “ABC’s Good Morning America (GMA), CBS This Morning and NBC’s Today (including the Third Hour of Today) blacked out the news entirely.” Yet this largely unreported news about the strengthening economy is present virtually no matter where one looks.
Businesses throughout the land are generally upbeat. On the Monday before Election Day, the Institute for Supply Management announced that its index of manufacturing business sentiment reached 59.3 percent in October, matching its highest level in two years. Any reading above 50 percent represents expansion.
New orders and production, the index’s two key activity components, both came in well above 60 percent. Later in the week, the institute’s services and hospital sentiment indices, which track the rest of the private-sector economy, also came in at strongly positive levels of 56.6 percent and 63.0 percent, respectively.
While acknowledging their unprecedented challenges in trying to accurately gauge the economy after the COVID-19 recession, it’s clear that the strong economic recovery so far has surprised even highly experienced and objective economic firms with major corporate clients.
IHS Markit is the leading firm involved in estimating the nation’s monthly gross domestic product. In early August, IHS estimated, after strong post-lockdown economic growth in May and June, that there would be “zero growth of monthly GDP in each month of the third quarter,” and that annualized third-quarter growth compared to the second quarter would be 20.1 percent. The government’s first estimate for the third quarter released on October 29 came in at an annualized 33.1 percent.
In early October, even after estimating that annualized July and August growth came in at 19.0 percent and 7.1 percent, respectively, IHS predicted “roughly no change in monthly GDP in September.” Last week, the firm estimated that annualized September growth was 12.1 percent.
In an email exchange, when asked about their September miss, an IHS spokesperson replied that: “The upward revision to September reflected unexpectedly strong reports on: September retail sales (10/16); September net exports of goods (10/28); September business inventories (10/28).”
The post-pandemic economic recovery was clearly strong in September. The most recent jobs report indicates that this strength persisted into October. What will happen after that is sheer speculation until we learn the genuine winner of the 2020 presidential election.
Not to worry, if this bogus election is not overturned, the dems will finish America in very short order.
The stock market isn’t the economy. Big corporations are thrilled that the exodus to China will be back in full swing. Not only that, domestic competition will be crushed with regulations.
Small business owners know what’s coming, and can’t do anything about it.
Which is obviously their purpose
All the more reason why BiteOne can’t be allowed NEAR the White House. Keep on fighting, Mr. President, keep on fighting.
apparently the left want us to believe that 10’s of millions of Americans all thought “Ya know? The economy is awesome- let’s vote for someone to destroy it”
they’ve missed a prime opportunity to try to being about the final demise of free market capitalism; biden means to fix that on day one
If Biden does make it into the white house, the only silver lining is that the middle class idiots that voted for him will suffer along with the rest of us.
I have relatives who are liberal fruitcakes....who also are counting on 401ks and social sec in their retirement.
I read in the WSJ how they a Biden admin...with a compliant congress, would focus on taking more out of peoples 401ks.
They did the math in the article...and the moral of the story was that right now, in a non roth, you can expect to get about $8k out of every $10k (after taxes) in a 401k.
With what the what was being entertained with the democrats, if they were successful, you would be looking at getting $6.5k out of every $10k in your 401k.
If this happens...I will LAUGH and LAUGH at them, and rub their faces in it every chance I get.
Especially the people of Pennsylvania, who will see their leading industry shuttered.
Yep- exactly- Penn should have been a lock for Trump after biden promised he would shut down fracking-
Creepy joe will take credit for the recovery.
Remember bammy who blamed Bush for 5 years for the bad economy? The same one who took credit for Trump’s economy.
Let's not forget - most of those people that voted for Biden don't work (student loans, public payroll or taking a dirt nap).
Going to work in the morning is really hard when you're 128 years old!
Unemployment is free money...
Really, It's all good to see America getting back to work. If Trump wins we enjoy 4 more years of peace and prosperity (and freedom).
If Biden wins he will inherit a thriving economy that sputters and dies as soon as he takes office. He will chase those numbers his whole term and never come close...
Not seeing it and wouldn’t expect to.
Small business owners know what’s coming, and can’t do anything about it.
You are correct.
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