May's job report beats expectations

If we keep getting jobs reports like we've gotten the past 3 months, CNBC will need to revise their article's wording from this month's article. This morning's article said "Job growth unexpectedly surged in May as the U.S. labor market continued a solid year of expansion, the Bureau of Labor Statistics reported Friday." In addition to doing better than expected, revisions for the past 2 months were revised upwards by 93,000. Those are major revisions.

If the economy continues improving, CNBC should revise their article to say "Job growth expectedly surged in June..." This is welcome information but it isn't surprising. A year ago, I predicted something that I called 'the Trump boom.' I was off with the timing a little but the boom is happening. Rick Santelli and Joe Kernen spoke to that this morning:

Both men said that the stock market had already priced in a strong economy. When the investor class does that, consumer confidence often increases.

The household survey, which is used to calculate the unemployment rate, also reflected a solid labor market, with the rolls of the employed rising by 149,000. The labor force participation rate was steady at 61.8%, while a broader measure of unemployment that includes discouraged workers and those holding part-time jobs for economic reasons edged lower to 8.1%.

Check this out:

Revisions were made to the payroll numbers for the prior two months, with March revised up by 29,000 from a gain of 185,000 to a gain of 214,000; while April's report was revised up by 64,000 from a gain of 115,000 to 179,000. Taken together, employment in March and April was 93,000 jobs higher than previously reported.

Not only were the initial jobs numbers strong but the revisions strengthened those already-strong figures. Though Democrats don't want to hear this, the Trump Boom is largely here.