More fantastic MAGAnomic numbers today to bolster the great news from yesterday. ADP/Moody’s private payroll analysis shows 227,000 jobs gained in October, and September’s revised actual payroll numbers increased from 218k to 230k.
The ADP hiring analysis reflects continued strong jobs growth across the U.S. with private sector employment increasing by 227,000 jobs in October. This exceeds the earlier projections where analysts were expecting 189,000 new jobs added during the month.
The October payroll increase was the highest since February 2018. Additionally, the Bureau of Labor Statistics released their latest employment cost summary today showing overall wage growth in September of 2.8% year-over-year.
BLS release: Private sector wages and salaries increased 3.1 percent for the 12-month period ending in September 2018 and increased 2.6 percent in September 2017. [See tables A, 5, 9, and 12.]
Under the previous economic policies, and the prior administration, wage increases were non-existent even during the economic recovery. However, with the MAGAnomic focus on Main Street, the economy is expanding at a greater rate and absorbing all available workers. The unemployment rate is now at 3.7 percent, the lowest since 1969, and wage pressures have been building significantly since the 2nd quarter of 2018.
As the ADP payrolls show, there are massive amounts of new jobs being created each month as investment flows back into the U.S. and American manufacturing is fired up with President Trump’s MAGA “magic wand.”