AND LOOK AT THIS! – AT 11:48 A.M. ET:  More good economic news.  From Reuters: 

WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to a further tightening in labor market conditions.

Initial claims for state unemployment benefits decreased 1,000 to a seasonally adjusted 222,000 for the week ended June 2, the Labor Department said on Thursday. Claims data for the prior week was revised to show 2,000 more applications received than previously reported.

Economists polled by Reuters had forecast claims rising to 225,000 in the latest week. The Labor Department said claims for Maine were estimated last week and that claims-taking procedures in Puerto Rico and the Virgin Islands had still not returned to normal after last year's devastating hurricanes.

The four-week moving average of initial claims, viewed as a better measure of labor market trends as it irons out week-to-week volatility, rose 2,750 to 225,500 last week.

The labor market is considered to be close to or at full employment. Nonfarm payrolls increased by 223,000 jobs in May and the unemployment rate dropped to an 18-year low of 3.8 percent.

COMMENT:  It is the Trump economy, more or less.  My own belief is that a president has little direct control of the economy, but can influence its psychology, and psychology is critical in economic decisions.  When people feel good about the economy, they are more likely to spend or invest.

Theoretically, the Trump economy should mightily help the Republicans in November.  But theory doesn't always evolve into practice.  The press, with its Trump hatred, will play a role.  So, as always, will turnout.  Our side is showing some real enthusiasm.  I hope the local operators, though, have cars ready to take voters to the polls, one by one.  That wins elections.

June 7, 2018