The new jobs report for the month of November came out, and it was a massive win for the Trump administration.
“Stock Markets Up Record Numbers,” President Trump tweeted this morning. “For this year alone, Dow up 18.65%, S&P up 24.36%, Nasdaq Composite up 29.17%.”
“It’s the economy, stupid,” he said, quoting former Clinton political strategist James Carville.
Stock Markets Up Record Numbers. For this year alone, Dow up 18.65%, S&P up 24.36%, Nasdaq Composite up 29.17%. “It’s the economy, stupid.” — Donald J. Trump (@realDonaldTrump) December 6, 2019
Around 8:30 a.m. ET, Dow Jones Industrial Average futures were up 152 points, indicating a gain of more than 150 points at the open. S&P 500 and Nasdaq 100 futures also rose.
The U.S. economy added 266,000 jobs in November, according to figures released by the Labor Department. Economists polled by Dow Jones expected a gain of 187,000.
Treasury yields climbed to their session highs after the data was released, pushing prices down. The benchmark 10-year yield traded at 1.86% while the 2-year rate was at 1.63%.
Gold futures shed 0.8% to trade at $1,472.30 per ounce.
Other data slated for release Friday includes consumer sentiment for December, wholesale trade figures for October and the latest reading of consumer credit will all follow slightly later in the session.
According to the Washington Post, unemployment continues to go down, saying that it seems anyone who wants a job can find one.
Donald Trump Jr., just like his old man, took to Twitter to share his thoughts on the latest jobs report.
“Imagine what the Trump economy could do if Democrats even pretended to be interested in anything but their non stop 3 year impeachment charade?” he said. “Dems care much more about trying to hurt @realDonaldTrump than they do helping Americans.”
Imagine what the Trump economy could do if Democrats even pretended to be interested in anything but their non stop 3 year impeachment charade? Dems care much more about trying to hurt @realDonaldTrump than they do helping Americans. https://t.co/ig36zafHnV — Donald Trump Jr. (@DonaldJTrumpJr) December 6, 2019
Democrats don’t really have any idea how to take this news. While they like to pretend the economy is doing poor, the fact is Obama has already tried to take credit for it. So, if the economy was bad, why would the former president be so insistent that he should get credit? The answer: the economy is strong.
Here is Obama saying the jobs are never coming back & mockingly asking if Trump has a magic wand. The irony is, Obama & his lemming followers desperately try to take credit for the very jobs he proudly declared were gone for good. What a joke he is. Vote Trump2020 #JobsReport pic.twitter.com/IwcawdTMy7 — Melissa A. (@TheRightMelissa) May 3, 2019