ALFREDO ORTIZ: Jobs Report Shows Economy Of Resilience

Friday’s strong jobs report smashed expectations and demonstrated that the economy and labor market are far stronger than the mainstream media suggests. The economy added 178,000 jobs in March, and the unemployment rate fell to 4.3 percent. Real wages rose again, increasing average American living standards.

After a rough February distorted by brutal weather across large parts of the country, the labor market has roared back. The naysayers who insisted that blip represented a crumbling economy were wrong, and the March data makes that plain.

Friday’s jobs report follows a strong ADP employment report on Wednesday that showed small businesses created 112,000 private-sector jobs in March. While the employment picture was more nuanced at bigger companies, small businesses remain the engine of the economy.

Thanks to President Donald Trump’s strong border policies, which have stopped the massive influx of the labor force, the nation is, by any measure, at full employment. The Kansas City Fed estimates that the number of jobs needed each month to keep the unemployment rate steady has fallen from around 150,000 to roughly 50,000.

Elevated oil prices are always a threat to small businesses, the labor market, and the broader economy. But the jobs report shows employers recognize today’s high gas prices as short-term pain that doesn’t alter the administration’s domestic pro-energy agenda, which represents a long-term structural shift. Expanded drilling, streamlined permitting, and a commitment to American energy independence mean that today’s prices are a temporary headache, not a permanent condition.