President Trump got good news when the new economic numbers were released. The private sector gained more jobs than expected in August.
According to The Daily Wire:
In a new report released on Thursday that bolsters President Trump’s chances of reelection, the ADP Research Institute and Moody’s analytics said private sector employment increased by 195,000 jobs from July to August, surpassing the estimates that employment would increase by 140,000 new jobs.
Bloomberg reported, “Businesses’ payrolls increased by 195,000 after a downwardly revised 142,000 gain in July, according to the ADP Research Institute. The latest data compared with the median estimate of economists for a 148,000 increase. A separate Labor Department report Thursday showed filings for unemployment benefits were little changed last week, near the lowest level since 1969.”
The Wall Street Journal added, “The U.S. Department of Labor’s Bureau of Labor Statistics will release its August nonfarm jobs data on Friday. Economists polled by The Wall Street Journal are expecting 150,000 jobs to have been added and for a 3.7% unemployment rate.”
Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, stated, “In August we saw a rebound in private-sector employment. This is the first time in the last 12 months that we have seen balanced job growth across small, medium and large-sized companies.” Mark Zandi, chief economist of Moody’s Analytics, added, “Businesses are holding firm on their payrolls despite the slowing economy. Hiring has moderated, but layoffs remain low. As long as this continues recession will remain at bay.”
The news comes as President Trump has continued to stand firm on his trade war with China.