A surprisingly strong Friday jobs report from the Labor Department sent stock futures soaring, the dollar higher, and President Donald Trump to Twitter to gloat.
Despite claiming earlier this week that he doesn’t pay attention to the stock market, Trump tweeted Friday morning statistics showing that all three major indices are up double-digits for the year.
“It’s the economy, stupid,” the President tweeted after the jobs report was released and stock futures shot higher.
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
Team Trump was also quick to weigh in.
The Labor Department reported Friday morning that U.S. job growth in November was the strongest it has been all year, with 266,000 jobs added. Economists had expected the number to be in the range of 180,000.
The report also showed steady wage gains and that the unemployment rate has fallen back to 3.5%.
Trump’s supporters were quick to jump on the news as further proof that the healthy economy is going to make Democratic efforts to unseat him in 2020 that much more difficult.
And yet ANOTHER record-breaking #JobsReport! Our economy added 266,000 new jobs in November and our unemployment rate remains at a 50-year low. America is wide open for business under @realDonaldTrump's leadership.https://t.co/aRA8sAnrNt— Rep. Roger Williams (@RepRWilliams) December 6, 2019
But his detractors were quick off-the-mark with their own spin.
Before the bloviating buffoon starts touting the #JobsReport, let's remember that the GM strike ended and that despite the low unemployment rate, stable, secure jobs that pay a middle-income wage can be hard to find across a range of skills. Smoke & mirrors as usual. #ImpeachNow— Lesley Abravanel🆘 (@lesleyabravanel) December 6, 2019
The additional jobs were partially attributable to the end of a six-week strike at General Motors, but hiring remained strong enough in the healthcare sector to offset declines in manufacturing being blamed on the ongoing trade wars. Government employment increased by 12,000 jobs.