While all the nip-pickers, nay-sayers and Swamp dwellers hem and haw in the nation’s capital, it seems things in the rest of the country are looking up – way up. A revival of the non-religious kind is occurring in several U.S. economic sectors.
First and foremost, let’s look at jobs, jobs, jobs.
According to the Associated Press, “the private sector added 253,000 jobs last month, far outpacing Wall Street expectations for a gain of 185,000 jobs.” The second quarter report shows the “strongest monthly increase since 2014” in the areas of technical, administrative, support and management services. Moody’s Mark Zandi says “Job growth is rip-roaring”:
The current pace of job growth is nearly three times the rate necessary to absorb growth in the labor force. Increasingly, businesses’ number one challenge will be a shortage of labor.
In addition, the report shows 48,000 jobs added to the goods-producing industry and another 37,000 in new construction.
If that isn’t enough good news for you, U.S. News and World Report is indicating that retail sales are rebounding. “Sales ballooned 1.3 percent, marking the largest single monthly jump in more than a year and the second-largest uptick since early 2010” for the month of April. Increases were noted in just about every area of consumer spending including health and beauty stores, restaurants, clothing, grocery, electronics and home goods. Stuart Hoffman, senior vice president and chief economist for PNC Financial Services Group, wrote, “This is clear evidence that consumer spending is still alive and well.”
Unless you are living and breathing in the financial world, you are unlikely to come across this information. And if you dig deep into the Wall Street Journal there is still more good news on the horizon. The Journal reported on June 1st that, “U.S. manufacturing activity expanded and hiring at factories picked up in May, signs of healthy growth for a key sector of the economy.”
The WSJ also reports:
In ever-growing numbers, the worst personal financial setbacks, namely foreclosures and bankruptcies, are falling off Americans’ credit reports. More than six million U.S. adults will have personal bankruptcies disappear over the next five years, according to a recent Barclays PLC report.
So, while your flat-screens are filled with Hillary Clinton, James Comey and surreptitious reports about Jared Kushner, the American people are finally experiencing some tangible economic relief. The U.S. economy is often referred to as a cruise ship, in that it takes a good deal of time and energy to turn it all the way around. And if it’s true that a rising tide lifts all boats, it might not be smooth sailing, but we will be sailing nonetheless toward sunnier shores.
Surf’s up folks. It’s time to ride the wave.
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