Economic, Job Growth Continue

More good news on the economy, as the Labor Department reports that employers added 207,000 payroll jobs in July, with 42,000 jobs also added to the preliminary totals for May and June.
Average hourly earnings also rose sharply in July, and manufacturing output increased for the 26th consecutive month.
The oddest thing about the strong economic growth that has taken place over the last several years is how stubbornly many people refuse to recognize it. Polls continue to suggest that most Americans are unaware of the economy’s excellent performance. Can that really be true? No doubt inadequate news coverage is a factor, but I can’t believe that a majority of Americans really have no idea how the economy is performing. I suspect that when asked about the economy in opinion surveys, many people focus on what they perceive to be negative at the time–budget deficits, the price of gasoline–either because that’s what’s in the news, or because they hope to influence the government by voicing dissatisfaction.

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