Despite turmoil in the stock market there is still evidence of a Trump jobs boom that exceeds expert predictions.
Experts were wrong about the Trump jobs boom. They expected employers to add about 205,000 jobs. Instead businesses added 36,000 additional jobs above the number they predicted.
CNBC says that jobs in construction and manufacturing “surged” in March. This is the fifth month in a row that jobs grew by at least 200,000.
Is this due to Trump in some way? I think that is likely, though it is hard to prove cause and effect in economics. One explanation could simply be the absence of Barack Obama. If Obama’s policies discourage investment that means that businessmen were waiting for a better economic environment before they would try to expand. With Obama gone, the pent up desire for growth is exploding in new jobs.
But Donald Trump has been more than “not Obama.” He has shown a real thirst to reduce regulations on businesses. Fortunately, he is able to do much of this important work by executive authority. Taking away this burden on businesses would also encourage them to create new jobs. And, of course, tax reform would further encourage job creation.
Companies kept up the hiring pace in March, adding 241,000 positions as employment in construction and manufacturing surged, according to a report Wednesday from ADP and Moody’s Analytics.
Economists surveyed by Reuters had been expecting the report to show that private payrolls had gained by 205,000.
This was the fifth straight month that the ADP/Moody’s count showed private payrolls up by at least 200,000, though March saw a slight decline from the upwardly revised 246,000 in February. On a year-over-year basis, March 2018 nearly doubled the 122,000 total from the previous year.
“The job market is rip-roaring,” Mark Zandi, Moody’s Analytics’ chief economist, said in a statement. “Monthly job growth remains firmly over 200,000, double the pace of labor force growth.”
The Wall Street Journal’s headline drew attention to manufacturing: “Manufacturing Industry Has Strongest Jobs Increase in Three Years.” So despite constant media negativity on the Trump Presidency, the economy is still reflecting hope!
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