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Trump’s first full month in office brings massive employment boom as U.S. companies added whopping 298,000 new jobs in February

Posted 03/08/2017 9:06 am by with 0 comments

Trump’s first full month in office brings massive employment boom as U.S. companies added whopping 298,000 new jobs in February

 

  • New job figures from ADP beat economists’ estimates by more than 100,000
  • Official February numbers will be out on Friday and are expected to lower the unemployment rate to 4.7 per cent
  • Trump tweeted that January and February ‘were the strongest consecutive months for hiring since August and September 2015’ 
  • That language came from a similar report compiled by LinkedIn 

 

U.S. companies added a whopping 298,000 new jobs in February, beating economists’ expectations by more than 100,000.

The report from ADP, a global human resources and payroll firm, provides the first hard economic numbers from Donald Trump‘s first full month as president.

Trump tweeted a self-congratulatory note, calling the number ‘much more than expected!’

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U.S. companies added a whopping 298,000 new jobs in February, providing the first hard economic numbers from Donald Trump's first full month as president.

U.S. companies added a whopping 298,000 new jobs in February, providing the first hard economic numbers from Donald Trump’s first full month as president.

Employment in the U.S. private sector surged by 298,000 in the month of February, with goods producers adding 106,000 new jobs, ADP and Moody's Analytics said

Employment in the U.S. private sector surged by 298,000 in the month of February, with goods producers adding 106,000 new jobs, ADP and Moody’s Analytics said

He also wrote Wednesday on Twitter about another similar measure, citing numbers from a new LinkedIn workforce report that showed strong job-adding numbers from January and February.

Those months ‘were the strongest consecutive months for hiring since August and September 2015,’ the president tweeted, mirroring the report’s language.

Construction jobs increased by 66,000 in February, and the manufacturing sector added 32,000.



Trump has pledged to dramatically improve the U.S. employment market in those sectors as he tries to lure businesses from overseas and stop jobs from fleeing across the border.

Trump wrote Wednesday on Twitter that a new LinkedIn workforce report showed strong job-adding numbers from January and February

Trump wrote Wednesday on Twitter that a new LinkedIn workforce report showed strong job-adding numbers from January and February

He has also promised $1 trillion in new infrastructure spending, another measure calculated to add jobs.

‘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 in a statement.

January’s new-jobs numbers were also revised upward on Wednesday from 246,000 to 261,000.

‘Confidence is playing a large role,’ Mark Zandi, chief economist of Moody’s Analytics, told CNBC.

‘Businesses are anticipating a lot of good stuff – tax cuts, less regulation. They are hiring more aggressively.’

The official U.S. unemployment rate is expected to shift downward from 4.8 per cent to 4.7 per cent, in response to the official jobs numbers report, due Friday.

LinkedIn showed the 'hiring rate' down for February but still well above the same month last year. The unusual number is a measurement of how many LinkedIn members changed the names of their employer online

LinkedIn showed the ‘hiring rate’ down for February but still well above the same month last year. The unusual number is a measurement of how many LinkedIn members changed the names of their employer online

 
 
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