It is the type of economic news that President Donald Trump promised and that the left on Capitol Hill and in the media fear: jobs are robust, unemployment is down, incomes are rising and even manufacturing is expanding.
On the jobs front, CNBC reports that unemployment claims are at their lowest level since the 1960s:
Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 210,000 for the week ended Feb. 24, the lowest level since December 1969, the Labor Department said on Thursday. Claims for the prior week were revised to show 2,000 fewer applications received than previously reported.
Not only are the unemployment numbers down but incomes are rising. Bloomberg reports that real disposable incomes, incomes adjusted for taxes and inflation, rose 0.6 percent in January; incomes rising at the fastest level since April 2015 driven in part by the just passed tax cut package:
The data, covering the first month since the tax law was signed in December, reflected a $30 billion increase in one-time bonuses and a $115.5 billion annualized drop in personal taxes, the Commerce Department said. Such boosts to Americans’ wallets, along with a tight labor market, will sustain spending.
That sustained spending will help with the third piece of good economic news: American manufacturing is expanding at the fastest rate in more than a decade:
U.S. factories expanded in February at the fastest rate since May 2004, indicating sustained strength in manufacturing as demand remains solid, figures from the Institute for Supply Management showed Thursday.
The latest advance extends a series of healthy readings in the survey-based measure of manufacturing that’s being fueled by improving global economies and firm business investment. It also comes on the heels of a late-year pickup in consumer spending, which advanced in the fourth quarter at the fastest pace in more than a year.
When he campaigned to be president in 2016, Donald Trump promised to bring back jobs, including in manufacturing. While leftists laughed at Trump's claim that he could bring back jobs, the promises are becoming a reality.
If the economic good news continues, Trump's re-election for 2020 could be solidified. Earlier this week the president named his campaign manager for the 2020 cycle.