Roaring Trump Economy Benefits ‘Blue Collar’ Worker the Most
Monday, White House economic adviser Larry Kudlow says American blue-collar workers are the ones most benefiting from President Donald Trump’s robust economic growth.
“We’re running solidly. You know who the biggest beneficiaries are? Blue-collar workers. Take a look at the numbers,” the veteran financial guru and former Ronald Reagan adviser said on TV.
“The employment increase is largely centered on blue-collar workers. They’re the big winners, fastest since the ’80’s,” said Mr. Kudlow.
The Labor Department’s closely watched monthly employment report Friday said US job growth rebounded sharply in October and wages recorded their largest annual gain in 9.5 years, pointing to further labor market tightening that could encourage the Fed to raise interest rates again in December.
NFPs increased by 250,000 jobs last month as employment in the leisure and hospitality sector bounced back after being held down by Hurricane Florence.
Average hourly earnings rose 0.05, or 0.2% in October after advancing 0.3% in September. That boosted the annual increase in wages to 3.1%, the biggest gainer since April 2009, from 2.8% in September.
Mr. Kudlow says blue-collar workers are experiencing the largest wage gains.
“Blue-collar workers are beating white-collar workers,” said Mr. Kudlow, who worked as President Reagan’s budget deputy between Y’s 1981 and 1985.
The trickle-down benefits from the President’s economic strategy is “reaching down deep into the blue-collar area,” said Mr. Kudlow, the head of the National Economic Council that advises President Trump.
“That is precisely what we wanted with our supply-side tax cuts across-the-board and in deregulation, the president’s program. It is working,” said Mr. Kudlow.
For his part, President Trump cheered the robust jobs report, which came less than a week before the midterm elections that will decide who controls the US Congress.
“These are incredible numbers,” President Trump Tweeted Friday. “Wow! The U.S. added 250,000 Jobs in October – and this was despite the hurricanes. Unemployment at 3.7%. Wages UP! Keep it going, Vote Republican!”
Mr. Kudlow also said President Trump is willing to make a trade deal with China, as long as certain conditions are met that will be fair to the US
“President Trump told me he would make a deal with China, but it has to be a deal that is strong and in America’s interest,” Mr. Kudlow said.
“That’s his Key point. We will work it out,” he said.
“Any deal, which will take a while to put together, must be in America’s interests,” Mr. Kudlow said. “And we have not heard from China, with respect to our asks. We have not yet heard their position. So we have got to wait on this.”
President Trump is scheduled to meet China’s President Xi at the Group of 20 Summit in Argentina late this month.
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