White House economic adviser Larry Kudlow says American blue-collar workers are the ones most benefitting from President Donald Trump’s robust economic growth.
“We're running solidly. You know who the biggest beneficiaries are? Blue-collar workers. Take a look at the numbers," the veteran financial guru and former Ronald Reagan adviser recently told Fox Business Network.
"The employment increase is largely centered on blue-collar workers. They're the big winners, fastest since the '80s,” said Kudlow.
The Labor Department’s closely watched monthly employment report on Friday said U.S. job growth rebounded sharply in October and wages recorded their largest annual gain in 9-1/2 years, pointing to further labor market tightening that could encourage the Federal Reserve to raise interest rates again in December.
Nonfarm payrolls increased by 250,000 jobs last month as employment in the leisure and hospitality sector bounced back after being held down by Hurricane Florence, which drenched North and South Carolina in mid-September. Average hourly earnings rose five cents, or 0.2 percent, in October after advancing 0.3 percent in September. That boosted the annual increase in wages to 3.1 percent, the biggest gain since April 2009, from 2.8 percent in September.
Kudlow says blue-collar workers are experiencing the largest wage gains.
“Blue-collar workers are beating white-collar workers,” said Kudlow, who worked as Reagan’s budget deputy between 1981 and 1985.
The trickle-down benefits from the president's economic strategy is "reaching down deep into the blue-collar area,” said Kudlow, the head of the National Economic Council that advises Trump.
“That is precisely what we wanted with our supply-side tax cuts across-the-board and in deregulation, the president's program. It is working,” said Kudlow, who served as the Trump campaign's senior economic adviser.
For his part, Trump cheered the robust jobs report, which came less than a week before the midterm elections that will decide who controls the U.S. Congress, Reuters explained.
“These are incredible numbers,” Trump tweeted Friday. "Wow! The U.S. added 250,000 Jobs in October - and this was despite the hurricanes. Unemployment at 3.7%. Wages UP! Keep it going, Vote Republican!" Trump said.
Meanwhile, Kudlow also said Trump is willing to make a trade deal with China, as long as certain conditions are met that will be fair to the U.S.
“President Trump told me he would make a deal with China, but it has to be a deal that is strong and in America’s interest,” Kudlow said.
“That’s his key point. We will work it out,” Kudlow said.
“Any deal, which will take a while to put together, must be in America’s interests,” Kudlow said. “And we have not heard from China, with respect to our asks. We have not yet heard their position. So we have got to wait on this.”
Trump is scheduled to meet his Chinese counterpart at the Group of 20 summit (G20) in Argentina on Nov. 30 – Dec. 1.
© 2022 Newsmax Finance. All rights reserved.