Trump Boom: U.S. Adds 225k Jobs in January–FAR Surpassing Wall St. Estimates
The U.S. added 225,000 jobs in the month of January, far surpassing estimates from Wall Street, according to new numbers from the U.S. Labor Department.
Economists were predicting a nonfarm payroll growth of 158,000 and for the jobless rate to stay it’s record low of 3.5 percent.
Instead, the unemployment rate went up to 3.6 percent, however, it was “for the right reason as the labor force participation rate increased 0.2 percentage points to 63.4%, matching its highest level since June 2013, according to data released Friday by the Labor Department,” writes CNBC.
The employment-to-population ratio in the household rose to its highest level since November of 2008, to 61.2 percent.
Average hourly earnings also .2 percent month over month and rose 3.1 percent since last year to $28.44. “That marked 18 consecutive months of wage gains above 3%, as the initially reported 2.9% for December was revised up to 3%,” writes CNBC.
According Portfolio manager at QMA Ed Campbell, the jobs report is “unambiguously good.”
“Strong growth and decent but not runaway wage growth should be good for stocks. Of course, we’ve had such a strong week, the markets are taking this in stride given how much we’ve been up so far,” he told CNBC.
Earlier this week, President Trump touted his administration’s economic successes, including its record low unemployment rates, and announced seven million new jobs had been created since he was elected:
The unemployment rate for African-Americans, Hispanic Americans and Asian-Americans has reached the lowest levels in history. African-American youth unemployment has reached an all-time low. African-American poverty has declined to the lowest rate ever recorded.
The unemployment rate for women reached the lowest level in almost 70 years. And, last year, women filled 72 percent of all new jobs added.
The veterans unemployment rate dropped to a record low. The unemployment rate for disabled Americans has reached an all-time low.
Workers without a high school diploma have achieved the lowest unemployment rate recorded in U.S. history. A record number of young Americans are now employed.”
For the full economic report, click HERE.