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Jobs

263,000 New Jobs in March…78,000 More Than What Was Predicted

Written by Philip Hodges

When the economy is good or getting better, the President’s supporters give him the credit, while his critics say he had nothing to do with it. When the economy sours, the President’s critics give him the blame, while his supporters say he had nothing to do with it. It’s been that way for a long time.

Generally speaking, the President doesn’t have control over the economy. Or at least not in the way that most people think.

If businesses are optimistic because of executive actions and because of rhetoric from the President, that can translate into a better economy. It’s all about perception.

Whatever the case, March saw an uptick in jobs, far more than was estimated by economists. CNBC reported:

The year’s fast start for job creation showed no signs of letting up in March as private payrolls saw another big boost, according to a report Wednesday.

Companies added 263,000 jobs for the month, ADP and Moody’s Analytics said. That was well above the 185,000 expected from economists surveyed by Reuters and also better than the 245,000 reported for February.

The February number was revised significantly lower, however, from the originally reported 298,000.

In addition to the big gain on the headline number, the month also continued a trend away from services-oriented positions dominating job creation. Goods-producing firms contributed 82,000 to the total, as construction led the way with 49,000 new jobs.

Professional and business services was the leading sector, with 57,000, while leisure and hospitality added 55,000 and health care was up 46,000. Manufacturing payrolls grew by 30,000 and trade, transportation and utilities rose by 34,000.

In terms of company size, fewer than 50 employees was the biggest growth area, with 118,000. Firms that employ 50 to 499 workers added 100,000.

“Job growth is off to a strong start in 2017,” Mark Zandi, chief economist of Moody’s Analytics, said in a statement. “The gains are broad-based but most notable in the goods producing side of the economy including construction, manufacturing and mining.”

I think people and businesses are generally more optimistic, whether that optimism is based in reality or not.

What will really help the economy is not some massive infrastructure bill. The less the government tries to be the central economic planner, the more free the market will be, and the more prosperous we will be as a country. That means far fewer taxes and regulations.

The views expressed in this opinion article are solely those of their author and are not necessarily either shared or endorsed by EagleRising.com


About the author

Philip Hodges

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