For eight years, economic indicators repeatedly came below forecasts. Now, there’s been a string of reports — the latest one is on jobs — that have outperformed economist predictions. What’s changed, we wonder?
The Bureau of Labor Statistics reported Friday that the economy added 235,000 jobs in February, when economists expected 200,000 new jobs. And that comes after January’s 227,000 gain, which also beat economists’ forecasts by a substantial margin.
That’s not all. Other recent indicators have come in better than economists had expected.
Numbers are numbers, so let’s be pragmatic about this first report. In other words, let’s wait for few more before giving President Trump all of the credit.
I will give President Trump credit for something that is huge, as he likes to say. I am talking about confidence, or the sense that the ship of state is in better hands.
The latest Gallup report confirms that people are feeling better since Pennsylvania put Mr. Trump over the line that early Wednesday morning back in November:
In January, 31% of Americans rated the economy as “excellent” or “good,” while 21% said it was “poor,” resulting in a current conditions score of +10 — marking the highest monthly reading for this component since 2008.
The economic outlook component also reached a new high score of +11 in January. This score was the result of 52% of Americans saying economic conditions in the country were “getting better,” while 41% said they were “getting worse.”
There is clearly something good going on. The “groupthink” media may not see it but lots of us feel a new wind blowing since the last guy took up a new residence.