CNBC’s Jim Cramer described Friday’s blockbuster jobs-market report as the “best number” he has seen in his lifetime.
Cramer spoke shortly after U.S. job growth increased by the most in 10 months in November as former striking workers returned to General Motors’ payrolls and the healthcare industry boosted hiring, the strongest sign yet the economy was not in danger of stalling.
Nonfarm payrolls increased by 266,000 jobs last month, with manufacturing recouping all the 43,000 positions lost in October, the government’s survey of establishments showed. Employment growth was also boosted by a gain of 60,200 healthcare workers, the most since March.
The Labor Department’s closely watched monthly employment report on Friday also showed steady wage gains and the unemployment rate falling back to 3.5%, suggesting consumers will continue to drive the longest economic expansion in history, now in its 11th year.
The investment guru told Americans that regardless of your opinion of President Donald Trump, there’s no denying we’re living in the best labor market in more than a generation.
“This is the best number I’ve ever seen in my life,” the 64-year-old investment guru said on CNBC.
“It doesn’t matter whether you hate him or like him, these are real numbers,” he said in reference to Trump.
“You can’t contradict that these are the best numbers of our lives. You can’t,” said Cramer
Cramer was also generally optimistic about the economy. “I don’t see inflation. I don’t see recession,” he added.
The largest increase in payrolls since January lifted job growth well above its monthly average of 180,000 this year, Reuters explained. Economists polled by Reuters had forecast payrolls rising by 180,000 jobs in November. The economy created 41,000 more jobs in September and October than previously estimated.
The strong payroll gains suggest the Trump administration’s 17-month trade war with China, which has plunged manufacturing into recession, has not yet spilled over to the broader economy.
© 2023 Newsmax Finance. All rights reserved.