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Expert Says New Employment Report is Stunning, But Someone Isn't Getting Enough Recognition

Expert Says New Employment Report is Stunning, But Someone Isn't Getting Enough Recognition Read Transcript


US employers added more than 200,000 jobs

in July, the second strongest month in a row.

Also the unemployment rate dropped to 4.3%,

matching a 16 year low.

Add in some record numbers on the stock market,

and some might say we're seeing an economic rebound.

Joining us now is Stephen Moore.

He's the senior economic contributor for FreedomWorks.

Steve, the new numbers are in showing significant growth.

Which industries gained most of these new jobs?

Well first of all, let me just start

by saying that this is a terrific jobs report.

As you just said, the second month in a row

where we got over 200,000 jobs.

We also got a nice gain in wages as well.

So that's going to help workers who have existing jobs who

need a pay raise.

You know, the way I put it is the Trump bounce that we

saw earlier this year is looking like it's turning into a Trump

moon bounce because the economy really has picked up

substantially in the last few months.

So I'm very pleased about this report.

Now where did the jobs come from?

Pretty much across the board, actually.

You know, we saw increases in business service jobs,

we saw an increase in food service jobs.

We saw an increase, a nice little increase,

in manufacturing jobs.

Mining and drilling continues to do well.

Go figure.

A president who is pro energy is creating more energy jobs.

So it's a good news story and even liberals

can't find anything bad to say about it.

Well, this is really helping the blue collar

worker, who has really been suffering in the last

almost decade.

It has.

And it's interesting that yesterday

that Donald Trump was in West Virginia.

And West Virginia's a state that's

experiencing a nice rebound.

Their economic growth rate was 3% last month, which is--

remember that Hillary Clinton and Barack

Obama said the coal industry in America is dead.

And it's back.

A lot of those mining jobs and the steel jobs and others

that are related to energy are making a nice comeback.

So the critics were wrong.

We can revive that industry.

And it's not just West Virginia.

I live in Virginia.

We're a coal producing state.

Wyoming, North Dakota, Texas-- they're

all feeling the effects of a kind of pro business,

pro America economic policy.

Now they have to get this tax cut done.

That's the caution here.

If they don't get the tax cut done,

I think some of the big gains in the stock market

might be given back.

But do they have to handle health care reform first?

Is that just standing in the way?

Well, look.

I mean, we were all so frustrated with what happened

with the Obamacare failure.

I'm an optimist.

I still think before the end of the year

we're going to see some substantial roll

back of Obamacare-- maybe not an entire repeal,

but getting rid of some of the worst features of Obamacare.

But that's not-- a tax cut is not

dependent on that happening.

And Republicans do tax cuts better

than they do health care.

I do think there's a good probability we're

going to get a tax cut that's going to both benefit

employers, and it's going to really benefit workers as well.

And that 2.5% growth that we've ratcheted up to,

I think then goes up to about 3.5%, and boy,

is that going to feel good.

In your opinion, does a stronger economy

mean the Fed will soon raise interest rates?

Possibly, but I don't think that's going

to slow things down.

Interest rates are already so low that raising them

by 50 basis points or 100 basis points I don't think

is going to slow down this economy

if we get the tax cut done.

The other area where I think Trump deserves a lot of credit

is in deregulation and getting the government

off the back of businesses in terms of crazy rules

and regulations that make it harder

for businesses to expand.

So in almost all of the policy areas,

Trump is moving in the right direction.

But boy, could he use some help from Congress.

They haven't helped much.

And also he could use some help from the media.

I mean, all this great news about the economy--

you're not really hearing it very much these days.

Yeah, well, this was one of those reports that

was so good that even the media couldn't

find anything bad about it.

So they kind of ignored it.

But you're right.

The media is beating him up.

And even as this new information is coming out

about a better job market, higher wages, Rutgers stock

market--

all the liberal media wants to talk about is Russia and Comey.

And they're ignoring the number one story in America

that Americans care most about.

I mean every poll in the last five years

has shown what Americans care most about is

jobs and the economy.

And so far, it's still in the beginning

stages of his presidency, but so far,

so good in terms of getting a revival of growth.

And not just more jobs, but better paying jobs.

The Bureau of Labor Statistics shows

120,000 jobs were added per month

under the previous administration.

And under Mr. Trump, they are reporting a monthly average

of 179,000 jobs.

What can President Trump do to keep this ball rolling?

We've got to keep government off the back of business,

and we've got to get that tax cut done.

I talk to a lot of employers around the country,

whether they're major employers like Fred Smith who runs FedEx,

or even smaller employers who maybe have 20 or 30 employees.

And they say we're really counting on this tax cut.

If you give us this tax cut, we're

going to plow it back into the business and hire more workers,

pay workers more.

We're going to maybe purchase more trucks.

And more trucks means more truck drivers.

So I really think that Republicans can't strike out

on the tax cut.

I can't emphasize how important that

is in terms of a central promise that Donald

Trump and Republicans made to the American people.

Elect us, and we'll do two things--

repeal Obamacare and get this tax cut and build the wall,

by the way, that's the third one.

So far since Obamacare has failed,

they've got to get the tax cut done.

And once they do, that will provide a nice lift in 2018.

And it'll be difficult for Democrats

to pick up all the seats they think they are

if the economy is doing well.

This has been a record setting week with the blue chip Dow

Jones Industrial Average closing above 22,000 Wednesday

for the first time in history.

And some were asking when these new gains

will trickle down to people's paychecks a little bit more?

Well first of all, you know, a good stock market

is good for almost all Americans.

Because A, it means businesses are doing better,

and when businesses are doing better,

they can hire more workers.

But B, don't forget--

even if you don't own stock, buy and sell individual stocks,

as most of us do not do--

almost all of us have a retirement fund, or an IRA

fund, or some kind of 401k plan.

And all of those plans are invested in stocks.

So the better the stock market does,

the better your retirement income will be.

So I reject this idea that a booming stock market only

helps people at the very top.

I think it helps all workers and all families that

depend on their savings.

You get a bigger return on your savings

if the stock market is going up.

And boy, I remember when the stock

market, on the day of the election,

was 18,500 or thereabouts.

And today we're at 22,000.

That's a pretty good bull market run.

It sure is.

Steve Moore of FreedomWorks.

Thanks so much for joining us.

Always great to see you.

Thank you.

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