Over the backdrop of partisan bickering, one can hear the U.S. economy roaring back to make significant gains in the first full month of the Trump presidency.
CNBC reported the good news on Wednesday morning:
Companies added jobs at a blistering pace in February, with a notable shift away from the service-sector positions that have dominated hiring for years, according to a report Wednesday.
Employment in the private sector surged by 298,000 for the month, with goods producers adding 106,000, ADP and Moody’s Analytics said. Construction jobs swelled by 66,000 and manufacturing added 32,000.
The month preceding Trump’s election also exceeded expectations, as reported earlier by CNBC:
Nonfarm payrolls grew by 227,000 in January while the unemployment rate edged higher to 4.8 percent, the Bureau of Labor Statistics reported Friday.
Economists surveyed by Reuters expected payrolls to grow by 175,000, compared with 157,000 in December, and the unemployment rate to hold steady at 4.7 percent.
It is not the final jobs report, which will be released by the Bureau of Labor Statistics on Friday. The Hill also reported the news on Wednesday morning, while attributing the gains to “unseasonably warm weather”:
U.S. businesses added 298,000 jobs in February, the most in three years, as unseasonably warm weather boosted growth in several sectors across the labor market.
Mark Zandi, the Chief Economist at Moody’s Analytics, had another explanation for the surge beyond the weather.
“February was a very good month for workers,” said Zandi, as cited by The Hill. Zandi noted that an “unseasonably mild winter weather undoubtedly played a role. But near record high job openings and record low layoffs underpin the entire job market.”
Other economists echoed the evaluation.
“February proved to be an incredibly strong month for employment with increases we have not seen in years,” Ahu Yildirmaz, vice president of the ADP Research Institute, said also.
It’s been just one full month under the Trump presidency, but what a month it’s been.