Job gains, wage growth show Trump’s ‘economic boom continues’

Finance


White House economic advisor Larry Kudlow is extremely optimistic about the U.S. economy.

“The economic boom continues,” he said on CNBC’s “Squawk on the Street” Friday, citing the August jobs report and the month’s wage gain data. “It’s the big story of 2018. Jobs, growth, wages. It doesn’t get much better than that.”

The August jobs report came in above expectations Friday. The U.S. economy created 201,000 nonfarm payroll jobs for the month versus the 191,000 estimate from economists surveyed by Reuters. Average hourly earnings rose 2.9 percent for the month on an annualized basis, the highest since April 2009.

Kudlow also referenced other recent reports as evidence for the strong economy.

“Wages are rising very very well. This is great stuff. And it’s widespread,” he said. “ISM manufacturing BOOM! ISM services BOOM! There is no let up to this. Consumer spending, we’re probably emerging into a capital goods boom right now … This is the take-off.”

Last month, the government said GDP grew at a 4.2 percent annualized rate in the second quarter, the fastest pace in nearly four years.

Kudlow is director of the National Economic Council and is one of President Donald Trump’s top advisors.



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