The jobs market turned in a stellar performance in November, with nonfarm payrolls surging by 266,000 and the unemployment rate falling to 3.5%, according to Labor Department numbers released Friday.
Those totals easily beat the Wall Street consensus. Economists surveyed by Dow Jones had been looking for solid job growth of 187,000 and saw the unemployment rate holding steady from October’s 3.6%. The decline in November’s jobless rate came amid a corresponding 0.1 percentage point drop in the labor force participation rate, to 63.2%.
And yet all the Democrats seem to do is talk about how awful Trump is. And really, what else can they do at this point but ignore the good economic news?
Of course, they can predict a fall. And they might get lucky because a fall could occur before the election.
Such things happen. What goes up must come down.
There might even be some way to coax it along, if the Democrats so desire. The continuation of a good economy during the Trump administration must be exceptionally frustrating for them. Here’s how some of that frustration is expressed:
…New York’s Rep. Carolyn Maloney, the top Dem on Congress’ Joint Economic Committee, found some clouds to wrap around the silver lining of Friday’s news: “The job market has shown remarkable resilience in the face of the president’s increasingly erratic trade policies. But let’s not forget that Americans in many communities and parts of society still find it hard to get a well-paying job.”
But I basically agree with this “Democratic strategist”:
“The normal rules of political gravity no longer apply,” said Democratic strategist Craig Varoga. “Voters’ opinions about Trump are baked in. Good news and bad news no longer move the needle. The only major variable is the identity of the Democratic nominee, and it may be another half-year until we know who that is.”
However, despite the relatively fixed nature of opinions on Trump, good economic news can only help him. Some movement of opinion also may be possible, and every little bit can matter in what might be a close election.