Trump Economy Soared in February, Hit Lowest Unemployment in Over 50 Years

Trump Economy Soared in February, Hit Lowest Unemployment in Over 50 Years

Over the past year, average hourly earnings grew by 3%.

President Donald Trump‘s economy is proving resilient in the face of the coronavirus as data released by the Labor Department on Friday revealed the nation added 273,000 new jobs in February.

Additionally, the unemployment rate was the lowest in over 50 years at 3.5%.

Economists surveyed by Dow Jones had been looking for payroll growth of 175,000 and a 3.5% jobless level, with the January and February gains set to be the best month since May 2018, according to CNBC.

The previous two months were also better than has been surmised, as the number of jobs added in December was re-estimated from 147,000 to 184,000.

January soared from 225,000 to 273,000.

Over the past year, average hourly earnings grew by 3%.

Also seeing gains in February were various sectors of the economy including:

  • Health care and social assistance: up 57,000 jobs;
  • Food services and drinking places: up 53,000 apiece;
  • Government employment: up 45,000;
  • Construction: up 42,000; 
  • Professional and technical services: up 32,000; 
  • Finance: up 26,000.

According to a survey of households, employment increased by 126,000 while the ranks of the unemployed declined by 105,000, CNBC reported.

Chief investment strategist at Charles Schwab, Liz Ann Sonders, stated:

“Now more than ever, we need to focus on the labor market data. The consumer has kind of kept things afloat.”

“If we start to handle things the way they’re handled in Italy and South Korea, closing schools and having mandated cancellations of travel and sporting events, I think there’s no way we don’t start to see it in the labor market and in consumer confidence and spending.”

In December, the Trump economy added 202,000 new positions to the private sector payrolls.

The service sector provided 173,000 of those positions, the ADP and Moody’s Analytics report revealed earlier this year.

Additionally, small and medium-sized companies made up a majority of the hiring as small businesses (1-49 employees), adding 69,000 new jobs, while midsized employers (50-499 workers) brought on 88,000.

Meanwhile, the construction sector saw a 37,000 increase in employment, while the manufacturing sector lost 7,000 positions.

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