Labor Day, Economics, and Hurricane Dorian
On this holiday, let's take a moment to look at the bigger economic picture.
Today is Labor Day, and that means the unofficial end of summer on a day of celebration of the American worker. The holiday originated in the late 19th century and was born of the labor movement, though many Americans, led by President Grover Cleveland, pushed for and secured a September date to distinguish it from the socialist/communist “International Workers Day,” or “May Day,” on May 1. Labor Day was made an official federal holiday in 1894.
As we mark the day, let’s take a quick look at a few related topics.
First, Hurricane Dorian, currently a Category 5 monster, is heading for Florida, Georgia, and the Carolinas — not exactly a welcome holiday event. The days and weeks ahead with be filled with the extensive labor and massive expense of recovery, but Americans are a resilient lot.
As for the economy, as we’ve hammered home in recent weeks, the positive outlook is exactly why the Leftmedia is incessantly running reports of economic doom and gloom on the horizon. A good economy is bad news for Democrats. If their prophesies come true, it will be because they succeeded in undermining consumer confidence.
Well, here are the facts: The August jobs report won’t be released until this Friday, but the employment picture is largely a good one — even if recent revisions are being used by Democrats and their Leftmedia propagandists to forecast a recession. The unemployment rate stands near a 50-year low of 3.7%, meaning one of the biggest hurdles for increasing employment is that companies are finding it difficult to fill jobs with workers. Manufacturing has taken a hit because of President Donald Trump’s tariffs, which are also hurting American consumers with higher prices. But Trump is calculating that the U.S. economy can withstand a needed battle with China that he didn’t start.
Third, wages are growing and consumers are generally confident. In fact, The Wall Street Journal reports, “American workers under 35 report being happier with their paychecks than people over 55 for the first time since at least 2011, according to a new report from the Conference Board, a business-research organization that polls U.S. employees about workplace satisfaction. Overall, the share of workers satisfied with their paychecks rose to 46.4% in 2018, from 43% in 2017, an increase that mirrors federal data showing that wage growth accelerated in 2018.” Furthermore, “Nearly 54% of U.S. workers said they were satisfied with their jobs in 2018, the highest share reported in more than two decades.”
In any case, a happy Labor Day to those Americans taking a break from laboring today!