President Donald Trump’s first full month in office was a blowout on job creation and far exceeded all estimates.
Clip via Bloomberg
CNBC reported that “Companies added jobs at a blistering pace in February,” most notably in construction and manufacturing, ending a lengthy slump in both arenas.
Bid farewell to the Rust Belt; say hello to the Manufacturing Belt.
Bloomberg referred to it as a “tear up the script moment” and reported:
Companies added the most workers in almost three years to U.S. payrolls in February on a surge in construction and manufacturing employment, data from the ADP Research Institute in Roseland, New Jersey, showed Wednesday.
The U.S. labor market is continuing its strong run as demand chugs along, potentially benefiting from increased optimism about the economic outlook under President Donald Trump.
Just as significantly, unemployment benefit claims are at their lowest in nearly 44 years.
The ADP figures were published two days ahead of Friday’s release of the Labor Department’s monthly employment report. It’s projected to indicate a 190,000 increase in private-sector jobs.
“Unseasonably mild winter weather undoubtedly played a role. But near-record-high job openings and record-low layoffs underpin the entire job market,” Mark Zandi, chief economist at Moody’s Analytics Inc. said in a statement. Moody’s produces the figures with ADP.
Three key points contained in the report, according to Bloomberg, are:
- Private payrolls climbed by 298,000 (forecast was 187,000), the most since April 2014, after a revised 261,000 gain in January
- Goods-producing industries, which include manufacturers and builders, increased headcounts by 106,000, a record in data going back to 2002, after a 55,000 gain
- Service providers boosted payrolls by 193,000 after a 207,000 increase
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The report indicated that hiring in the construction industry was at an 11-year high — 66,000.
Factories added 32,000 new hires to their rolls — the most since 2012.
Clip via CNBC
It was welcome news to social media, with one calling it a “Trump bump.”
Trump Bump! WHOA! Job creation posts blowout month in February, ADP says https://t.co/RshdIcIJCx
— Trumpnado (@JayS2629) March 8, 2017
Stocks are on a roll and the economy added 298,000 jobs in February. Trump is making America work again.
— Joe Walsh (@WalshFreedom) March 8, 2017
THE TRUMP EFFECT: U.S. Companies Added Almost 300,000 Jobs In February https://t.co/z6mCMISNLJ
— Ben Owen, HRK (@hrkbenowen) March 8, 2017
— FOX Business (@FoxBusiness) March 8, 2017
@FoxBusiness Trump cranking it up already.
— Chuck (@satcom_1) March 8, 2017
“Fox & Friends” reported:
FOX NEWS ALERT: 298k private sector jobs added to the U.S. economy in February which is well above the predicted 190k pic.twitter.com/JG9TisZGj2
— FOX & friends (@foxandfriends) March 8, 2017
We can expect the left to say it was all because of former President Obama in 3 … 2 …
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