Finance / Politics

Trump Era: Private Sector Jobs Growth Explodes in February

Job - Trump on PodiumPrivate sector growth generated nearly 300,000 new jobs in February, signaling an auspicious start for the Trump administration.

In total, 298,000 jobs were added during President Donald Trump’s first full month in office, according to a new report by Automatic Data Processing (ADP) released Wednesday. The tally nearly doubled projections from economic analysts. The private sector created 100,000 more jobs than the 190,000 originally forecast by economists in an ADP survey.

The report comes the same day as a LinkedIn Workforce Report indicated significant job growth in the beginning of 2017.

“January and February were the strongest consecutive months for hiring since August and September 2015,” tweeted President Trump Wednesday morning, citing the LinkedIn report.

“February proved to be an incredibly strong month for employment with increases we have not seen in years,” said Ahu Yildirmaz, vice president of the ADP Research Institute, in a statement. “Gains were driven by a surge in the goods sector, while we also saw the information industry experience a notable increase.”

The data released by ADP is particularly promising because it appears to indicate relatively even job growth across the economy. The “goods-producing sector” added 106,000 jobs — 66,000 construction jobs, 32,000 manufacturing jobs, and 8,000 new mining jobs — while the service industry sector added 193,000 jobs.

This is a significant change from the meager job growth that occurred primarily in the service industry across much of President Obama’s tenure.

Trump promised to strengthen American businesses, especially in the manufacturing and construction industries, and to protect and foster American jobs in those industries. February’s employment numbers are an early boost to the president’s prospects for delivering on that promise.

“February was a very good month for workers. Powering job growth were the construction, mining and manufacturing industries,” said Mark Zandi, chief economist of Moody’s Analytics, which co-authored the ADP report.

Equally as promising is the fact that ADP’s numbers suggest strong small-business growth. Of the 298,000 new jobs added to the private sector in February, 226,000 — over 75 percent — were created by businesses with fewer than 500 employees. Over a third — 34.9 percent — were added to businesses with fewer than 50 employees.

It remains to be seen if the administration will be able to sustain some of February’s momentum. Action in Congress on repealing Obamacare and passing tax reform would both have a significant impact on the private sector.

Obama saw over 700,000 private sector jobs disappear during his first month in office, and another 846,000 vanish during his second month in office — though he did assume office as the country was in the throes of the Great Recession. The private sector had lost 600,000 jobs in each of President George W. Bush’s last two months.

A 2012 report by Business Insider estimated the economy added an average of 20,000 total jobs per month during the Bush’s time in office, roughly 1/15 of the job growth under Trump in February 2017.

from - PoliZette - by Edmund Kozak

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Jack
4 years ago

If the economy was looking awful, Trump would simply blame it on Obama.
We’ve grown accustom to Trumps ugly lies!

chuck
4 years ago
Reply to  Jack

How would YOU know. Your whole life has been a lie. All liberals are liars.

Mike E
4 years ago

Does anyone think that the relentless left Media will ever author an honestly reported article such as this? I refer to the second to the last paragraph where the reporter refers to Obama’s assuming office while the country was in the throes of The Great Recession and therefore assumed lost private sector jobs from the previous administration. Class. Fair enough reporting. This I respect. I do not respect (and despise) today’s calculated left media manipulators that seek to control my opinions with half truths, flagrant lies and calculated agendas. I wonder when CBS, ABC,CNN, NPR and the rest, will have guts enough to schedule an interview with a REAL and not FAKE journalist like Edmond Kozak. I challenge the media to get some guts and report as an observer and not as an analyst.

John Dam
4 years ago

One thing I was driving at is that my idea would be beneficial for jobs sustaining a faction of stability. Which would benefit growth. Stability is to growth as is oxygen is brain function. The more stable jobs become the more growth is possible. The more oxygen that the brain can entertain the more concise clarity is allowing the ability too theorize the next grandiose idea.

John Dam
4 years ago

To sustain medical insurance is a positive, I believe that all members of both houses of congress should have to purchase their own health care. With that scenario it would be a given that the shenanigans of our elected leaders would flow appropriately instead of with special interests or other unworthy characters.

Thomas H
4 years ago
Reply to  John Dam

Our Maryland Senator (then Representative) Benjamin Cardin told us during a town hall meeting that Obamacare was such a great plan, he would voluntarily enroll in it. After it passed, he strangely changed his mind (another lying liberal).

Hen3ry H
4 years ago

Strong job growth in the Private sector
Great news

Seeing Negative job growth in the Federal Bureaucracy
Would also be welcome news
And further help job growth for the rest of us.

Teresa Buhs
4 years ago

So when are we going to be given the REAL unemployment #s and not the ‘spin’ put out by the government?

Hen3ry H
4 years ago
Reply to  Teresa Buhs

Totally agree
So many and especially in the media and entertainment world
Were being delusional and mislead by the numbers put out by the previous administration
New jobs that were part time or low paying
Not career buolders
And super low labor participation rate

john boy
4 years ago
Reply to  Teresa Buhs

u-6 is close to ten% ???

PaulE
4 years ago
Reply to  Teresa Buhs

The real numbers have always been available on-line from the Bureau of Labor Statistics. They are the U6 numbers released the exact same time the politically manipulated U3 numbers are announced. U3 numbers make the government (and the administration in power) look more successful, from a policy perspective, than the raw, unfiltered numbers would portray. So the mainstream media just won’t report the U6 numbers each month to the public. Current U6 unemployment rate, as of January 2017 is 9.4 percent.

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