Senate Minority Leader Chuck Schumer (NY) downplayed the phenomenal job numbers released Friday. The Bureau of Labor Statistics report revealed that 250,000 jobs were added to the economy in October and the unemployment rate was unchanged at 3.7 percent, the lowest its been since December 1969.
"The latest jobs numbers may look good but we must not forget they coexist with a huge deficit-ballooning GOP tax break that went mainly to the wealthy for which we will pay a price for down the road," Schumer said in a statement.
"When families see their health care costs go up because of Republican actions, these numbers will mean little," he claimed.
Latest jobs numbers may look good but don't forget they coexist with a huge deficit-ballooning GOP tax break mainly for corporations for which we'll pay a price down the road.— Chuck Schumer (@SenSchumer) November 2, 2018
When families see their health care costs go up because of GOP actions, these numbers will mean little.
However, economists and even a former Obama official see these numbers as a win for the Trump administration.
"Today's jobs report is a landmark in the long recovery since the Great Recession, showing the power of a tight labour market to raise pay for American workers if allowed to run hot for a sufficiently long time," Andrew Chamberlain, chief economist at the job website Glassdoor.com commented.
Former Obama and Biden economic advisor Jared Bernstein conceded that the numbers were “pretty much everything you could want in a monthly jobs report.”
Pretty much everything you could want in a monthly jobs report. Payroll gains way better than expected, nice pop in labor force participation, wage growth continues to strengthen, finally beating inflation (real gains!). Score 1 for "room-to-run" crowd!— Jared Bernstein (@econjared) November 2, 2018