BOOM! Jobs Report Shows ASTONISHING Gains in Trump’s First Month
Donald Trump campaigned on making America “great” again and for many Americans that meant improving the economy. Under Barack Obama, many people struggled — jobs were lost, health care costs skyrocketed and things looked pretty grim. But just a few months in to Trump’s presidency, things are already looking up.
The Labor Department released a jobs report today and it showed that American employers were hiring at an above-average pace for the second month in a row, with the largest gains in the construction and manufacturing fields. Wage growth also grew, with average hourly earnings growing 2.8% from last year.
In January, jobs grew by 238,000 and in February, that was followed up with a 235,000 increase. The unemployment rate fell to 4.7%.
GREAT AGAIN: +235,000 https://t.co/GkockGNdtC
— DRUDGE REPORT (@DRUDGE_REPORT) March 10, 2017
There has been a surge in economic optimism ever since Trump was elected. “We’re getting closer and closer to full employment,” Ryan Sweet, an economist with Moody’s Analytics Inc., said. “Wages had been the one sore spot in the labor market data, and I think that’s coming through here. With inflation accelerating I think we’re going to start to see even stronger wage growth down the road.”
The possibility of the federal interest rate increasing is “pretty much a slam dunk,” he added.
Private employment specifically grew by 227,000 in February, after a 221,000 increase in January. Construction jobs saw the strongest increase in a decade, with a 40,000 increase in January and 58,000 in February. Manufacturing had the highest gain since 2013, with payrolls increasing by 28,000.
Retail jobs, however, fell drastically, losing 26,000, the most in four years.
Donald Trump set a goal for his administration to add 25 million jobs over 10 years. While so far, he is meeting the required monthly goals, economists warn it may only be temporary and due in large part to favorable weather. “We’re probably not going to get 200,000-plus jobs in the next couple of months,” Sweet explained. “Favorable weather probably pulled up some hiring, particularly in construction.”
Do you feel more optimistic about the economy?