Leonard Lance Statement on Major Economic Growth

FLEMINGTON, N.J. — Leonard Lance today lauded the major economic gains made in the October jobs report released by the Labor Department:

“Now is not the time for socialized medicine, returning to the highest corporate tax rate in the world or raising taxes on every single American – all policies of Tom Malinowski and the absolute wrong approach for today’s booming economy.  This growth and the record low unemployment did not happen by accident.  We’re here because of smart, centrist policy-making and my votes for lower taxes, better trade deals and allowing Americans to keep more of what they earn.  The contrast on economic issues is stark in this race.”

The Labor Department reported today that the economy added 250,000 jobs in October, up from 118,000 in September.  Average hourly private-sector earnings were up 3.1 percent over the previous year, the biggest jump since April 2009 (in September, they were up 2.8 percent). The unemployment rate came in at 3.7 percent.  Earlier this month it was announced that the U.S. economy expanded at a 3.5 percent pace in the third quarter “as consumers opened their wallets, businesses restocked inventories and governments boosted spending, marking the strongest back-to-back quarters of growth since 2014. . . . The data indicate a robust job market and lower taxes continued to propel demand among consumers and companies” (Bloomberg).