According to the U.S. Department of Labor [data here] companies hiring American workers are not complying with the media “recession” narrative. Yes, another day, and yet another data point reflecting the “unexpected” & continued strength of Main Street.
WASHINGTON (Reuters) – The number of Americans filing applications for unemployment benefits fell sharply last week, suggesting the labor market was holding firm despite a manufacturing slowdown and concerns the economy is on a path toward recession.
Initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted 209,000 for the week ended Aug. 17, the Labor Department said on Thursday.
The decline was sharper than expected. Economists polled by Reuters had forecast claims would drop to 216,000 in the latest week.
[…] The four-week average for new unemployment benefits claims was lower than the corresponding week in July, a positive signal for employment during the month.
There are few signs a bitter trade war between the United States and China was spilling over to the national labor market, although growth in manufacturing jobs has slowed this year. (read more)
Most democrats, like most Wall Street media pundits, know absolutely nothing about how a free and independent U.S. Main Street economy works.
Seriously. I’m not kidding.
CTH has been saying since Trump’s announcement in 2015 there’s almost two generations of people who have no concept of an independent U.S. economy; and all of the subsequent ramifications therein.
Now we are seeing an odd benefit to their lack of knowledge. If the politicians don’t know how Main Street works, specifically during the reversal period where policy operates in the space between Wall Street and Main Street, then they can’t find a tool to ruin it.
The Fed is disconnected.
PS. With the continued devaluation, subsidy maneuvers and continued efforts at transnational shipping from China, it might be a good recommendation for President Trump to raise the initial steel tariffs from 25% to 35-40% range.