America’s highly-esteemed “expert” predictions were incorrect yet again as our economy continues to come booming back, marking the fifth straight month of failed estimates. The Trump economy is quickly returning against the odds as businesses reopen across the country.
Although the official numbers have yet to be announced, preliminary reports conclude that the US economy is recovering faster than the financial “experts” predicted, foreshadowing a very positive government jobs report which will soon be revealed during the first week of October.
ADP Research Institute revealed an employment report Wednesday indicating that private-sector payrolls of U.S. companies added 749,000 new jobs during the month of September.
Industries that saw the biggest improvement in employment gain were manufacturing, hospitality, professional and business services, trade, transportation, utilities, and healthcare. These industries were hit the hardest by the pandemic as they were deemed “non-essential” as lockdowns loomed.
Interestingly, the only industry that lost jobs was the education sector, which saw a decline of 11,000 payrolls.
Perhaps this is because of the Left’s push to fear-monger public officials and teachers into keeping schools closed until the election is over. If we know one thing, it’s not because of the Trump administration, which has been pushing hard in favor of schools reopening.
Businesses of all sizes saw notable gains as well.
Overall, the ADP’s report vastly beat expectations predicted by Bloomberg that September would post a significantly smaller gain of 649,000 jobs, which is consistent with the trend from last month.
However, while the report exceeded predictions, slightly fewer jobs were added compared to August which saw an addition of about 1.37 million jobs, according to the Labor Department.
The August numbers were also a drop from the month prior, meaning the rate of job growth is slowing, although our economy is still adding jobs.
Ahu Yildirmaz, vice president of the ADP, believes this is a positive sign for the job market in the post-pandemic economy. “The labor market continues to recover gradually… small business continued to demonstrate slower growth,” she said.
One drawback to the report is that, like in August, stock markets will likely drop or remain stagnant when the U.S. Labor Department announces the official jobs report in about a week and a half.
Nevertheless, the economy is still improving despite slow growth and it will likely continue to do so as the holiday season approaches. Ultimately, the most telling time as to the future of our economic recovery will be dependent on who wins the 2020 presidential election.
If the winner is Joe Biden, who has vowed to shut down the country for a second time, a crash is inevitable. However, if President Trump wins, it is likely job growth will continue to expand as America reopens on a national scale.