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CEA
@WhiteHouseCEA
, 4 tweets, 1 min read Read on Twitter
Real average hourly earnings rose 1.9% during the past 12 months, well exceeding the 0.4% pace during the year-earlier period. Real wages for American families are soaring. #CPI #BLSdata
Gasoline prices fell 9.1% during the past 12 months, a turnaround from the 12.6% increase during the 12 months through February 2018. Americans are paying less at the pump.
The prices for prescription drugs fell 1.2% during the 12 months through February 2019, well below the 2.1 percent increase during the same time period last year.
Note that February 2019 was the biggest year-over-year decline for Rx drugs since September 1972.
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CEA
@WhiteHouseCEA
New paper on The Opportunity Costs of Socialism: whitehouse.gov/briefings-stat… via @whitehouse
1/6 Wait times for elective surgery in the US are shorter for *everyone* (in 16 developed countries) -- not just seniors. Can’t use the chart as proof that socialized medicine (ie, what some believe Medicare is) works. Note that Medicare is, in fact, not socialized healthcare.
2/6 And we are in the top 3 for lowest wait times to see a specialist. Again, for all age groups, not just seniors.
Read 8 tweets

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Baba97
@Baba9773
1) We Should Be Grateful For the Democrat Party! Their Craziness Will Guarantee the Survival Of Our Country......

Many people are concerned about the Democrats embracing Socialism/Communism. I actually sleep well at night hoping that they continue in their quest. 2020 will be a
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Vernon Chew Maxwell
@VernonC_Maxwell
1/ This is a thread dedicated to #NeverTrumpers who are jealous of President Trump’s amazing economy.

The false notion that President Trump inherited Obama’s economy is so disrespectful to the hard working men & women of America who struggled intensively under B.O.
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Justin Wolfers
@JustinWolfers
Payrolls rose 250k in October, and unemployment was unchanged at a very low 3.7%.

Revisions to the past months were offsetting.

All told, the labor market keeps expanding at a robust pace. Indeed, jobs growth this rapid with unemployment this low might be hard to sustain.
Average hourly earnings rose 3.1% over the past year. But don't be misled by that number, because it's comparing this month's earnings with an unusually low month a year ago. Still, earnings growth is creeping up.
The household survey shows a huge +600k jobs created last month.

So weighting the payroll survey (+250k) and the household survey (+600k) using my 80/20 weights, suggests underlying growth of +320k jobs.
Read 14 tweets
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Aaron Sojourner
@aaronsojourner
Happy #JobsDay! 8:30 ET @BLS_gov delivers most important signals abt how economy is changing

Expectations:
+208K jobs. If >0, extends longest streak of monthly job creation on record to 8 years+1 month (graph). Progress so steady over so many years.

Big question: wage growth?
I worked as CEA senior economist for labor in 2016-‘17. Briefed @WhiteHouse & LaborSec on #JobsReport monthly
carlsonschool.umn.edu/news/aaron-soj…

I was honored to serve American people:
@barackobama
obamawhitehouse.archives.gov/administration…

@realDonaldTrump
web.archive.org/web/2018050822…
Public servants toiled all month surveying abt 200K bizs + individs, crunched data & made #JobsReport stats for us. Thanks @BLS_gov! Read @ryan_d_nunn @dwschanz @MichaelRStrain
brookings.edu/research/in-or…
Read 25 tweets
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Aaron Sojourner
@aaronsojourner
Happy #JobsDay #JobsReport!

Expectations:

+200K jobs. If >0, that’d extend longest streak of monthly job creation on record to 93 months. So steady for so long (graph).

Unemployment expected to tick even lower: 3.8%.

Big question: wage growth?
I worked as @WhitehouseCEA senior economist for labor in 2016-‘17. Briefed @WhiteHouse & LaborSec on #JobsReport monthly

I was honored to serve American people:
@barackobama
obamawhitehouse.archives.gov/administration…

@realDonaldTrump
web.archive.org/web/2018050822…

Now I brief u!
At 8:30ET, we get the most-important read on economic change, especially for working families.

Public servants toiled all month surveying abt 200K bizs + individs, crunched into #JobsReport stats. Thanks @BLS_gov!

@ryan_d_nunn @dwschanz @MichaelRStrain
brookings.edu/research/in-or…
Read 26 tweets
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Jason Furman
@jasonfurman
CEA has released a "primer" on wage measurement. Much of the substance is reasonable (with one exception noted below). But it does almost nothing to change our understanding of wage growth. THREAD whitehouse.gov/wp-content/upl…
CEA focuses on four changes all of which raise the rate of real wage growth in the present but also raise it by a similar amount in the past and leave the overall pattern unchanged. Let me discuss them in turn.
FIRST, COMPOSITION EFFECTS. Headline wage growth measure suffers from a composition effect that artificially reduces wage growth as younger, lower-paid workers enter and aging affects the share of the workforce in peak earning years.
Read 20 tweets

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