The August jobs report is definitely a banger.
Let's hear from CNBC's Rick Santelli: "Hold onto your seats, folks!"
Non-farm payrolls for August were up 162,000, about three times expectations of 53,000. That was already higher than the average monthly increase of about 31,000. So you can see why the enthusiasm. Unemployment remained at 4.1 percent.
Heather Long, Chief Economist at Navy Federal Credit Union, thought it was a "wow."
Long also noted that June and July were revised higher by 55,000. Remember when Joe Biden was occupying the Oval Office and the jobs numbers from the prior months were always being revised down? This is what positive action looks like.
Long also noted there were "big rebounds in hiring in hospitality and education" as well as solid hiring in manufacturing and construction.
One of the biggest things people took note of was how the growth was where it should be — in private sector jobs. Private payrolls were up 127,000, when they were expecting 43,000.
As Salem Media host and CNN commentator Scott Jennings noted, what has been pretty incredible about what the Trump team has done is reducing the federal workforce while increasing jobs in the private sector.
That's a pretty amazing feat. That's economic momentum.
Update: President Trump also reacted to the positive news:
Great jobs number just announced, breaking all estimates (except mine!) by double and triple - And you haven’t seen anything yet! EMPLOYERS ADDED 162,000 JOB IN AUGUST. Lower the interest rates because the U.S.A. is a much stronger credit than it was just a short time ago! A STRONG COUNTRY MEANS A LOWER INTEREST RATE - IT’S A BETTER CREDIT…Very simple! We should have the LOWEST RATE of any country in the World, like “the old days.” Without the United States agreeing to allow them their big surpluses, and we could stop that immediately, they would no longer be considered financially ELITE! LOWER THE RATE OR I’LL STOP TRADING WITH COUNTRIES WITH WHICH WE HAVE A DEFICIT, which the U.S. Supreme Court, in its ridiculous and very costly Tariff decision, strongly acknowledged “the President” has an absolute right to do. IT’S BETTER THAN TARIFFS! The Fed Board, with its great new leader, must get smart - BE PATRIOTS for a change. High interest rates put the U.S.A. at a very unfair disadvantage, and I won’t allow that to happen! President DONALD J. TRUMP
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