After a disappointing month for the stock market, few could have predicted just how strong the rest of the economy would hold up. But for those concerned about the state of the economy, Friday’s jobs report will come as reassurance.
The Bureau of Labor Statistics reported Friday that the U.S. economy added a whopping 312,000 jobs, shattering expert predictions and once again vindicating the pro-growth policies of the Trump administration.
In addition, the bureau revised its jobs numbers from October and November, adding 58,000 jobs previously not reported.
This report represents a record 99-straight months of job creation. Since President Donald Trump took office in January 2017, we have seen almost 5 million Americans find jobs.
Continuing the good news, the labor force participation rate rose to the highest level since the president took office, increasing from 62.9 percent to 63.1 percent and adding 419,000 people to the labor force.
In addition, average hourly earnings rose 11 cents to $27.48. Over the year, average hourly earnings have now increased by 84 cents, or 3.2 percent. This is slightly higher than expert predictions, and potentially shows that employers are getting serious about filling the nearly 7 million open jobs in America by offering higher wages.
The job gains continue to tell the story of a strong economy. The report showed gains in critical sectors like manufacturing (32,000 jobs), construction (38,000 jobs), food service and drinking (41,000 jobs), retail trade (24,000), and health care, with the largest monthly increase in the history of the jobs report (50,000 jobs).
Among the major worker groups, unemployment increased for adult men from 3.3 percent to 3.6 percent, and for African-Americans from 5.9 percent to 6.6 percent. Unemployment rates for adult women (3.5 percent), teenagers (12.5 percent), whites (3.4 percent), Asians (3.3 percent), and Hispanics (4.4 percent) showed little or no change over the month.
While the unemployment rate increased slightly from 3.7 to 3.9 percent, we saw the number of job leavers increase by 142,000. This reflects people who quit or otherwise voluntarily left their previous job and immediately began looking for new employment.
This report continues to demonstrate that a posture of pro-business policy like tax cuts, reducing harmful regulations, and a willingness to reduce Washington’s involvement within our everyday lives inspires confidence in the private sector.
If you turn on the news, you will often hear that the economy is doomed for destruction. And while we remain concerned about the uncertainty tariffs create, nervous about the long-term impact of the Federal Reserve’s monetary experimentation in the wake of the Great Recession, and want Congress to tackle the out-of-control debt, Main Street America is continuing to push forward.
Let’s keep the good news coming. Kudos to America’s job creators.
