Trump Economic Advisor Christopher Phelan said at Breitbart’s State of the Economy event on Tuesday that job gains have soared higher than 77 economists’ predictions.
“Not only was this jobs report three times higher than the Bloomberg median estimate, it was higher than every single one of them – it wasn’t just higher than the average,” said Phelan about the August jobs report blowout. “I think there’s a lot of good things going forward.”
Economists had expected the economy to add 55,000 jobs and the unemployment rate to tick up to 4.2 percent from 4.1 percent in July. Instead, the report showed the economy added 162,000 jobs in August and the unemployment rate held steady at 4.1 percent. Additionally, after revisions to employment in June and July, the combined number was 55,000 higher than previously reported.
Bloomberg utilizes a board of 77 economists to weigh in on the economy, with Phelan noting they all have repeatedly underestimated President Trump’s administration.
Phelan also noted that capital expenditures are on track to almost double the number in 2024. He said the investments were “deferred consumption” and could be useful now or in the future.
“This economy isn’t just producing a lot. This economy is producing a lot in a way that will make us produce even more in the future. Capital expenditures are up, factory construction is up, and manufacturing is moving back into the United States,” he added.
Breitbart Washington Bureau Chief Matt Boyle pointed out that manufacturing, which rose by 16,000 in the report, has long been a focus of President Trump and his administration.
Manufacturing jobs are increasing across the country, said Phelan, who pointed to two policies in particular: The Working Families Tax Cuts’ reforms for investment such as 100 percent expensing; and the reshoring of critical industries.
“It is dangerous to have the U.S. in position to rely on other countries producing everything,” Phelan said.
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