Nancy Pelosi should be served a plate of crumbs after bad-mouthing the Trump-GOP tax cuts. This morning’s jobs report shows that the Trump-GOP economic plan is working.
The good news is that the “economy added 313,000 jobs in February, crushing expectations, while the unemployment rate remained at 4.1 percent, according to a Labor Department report Friday that could help quell inflation fears.” Further, economists “surveyed by Reuters had been expecting nonfarm payroll growth of 200,000 and the unemployment rate to decline one-tenth of a percent to 4 percent.”
Also noteworthy is Greg Peters’, senior investment officer at PGIM Fixed Income, statement that “the underlying economic growth is quite strong, but there’s no real pressures from a wages and inflation standpoint. It’s very good for risk assets.” It’s also encouraging to hear that construction “jobs led the way, with 61,000 new positions, followed by retail and professional and business services (50,000 apiece), manufacturing (31,000) and financial activities (28,000). Health care added 19,000 while mining saw 9,000 new jobs.”
The workforce participation rate improved to 63% while the unemployment rate held steady at 4.1%. Wages improved by 2.6%, though that didn’t meet expectations. Black unemployment dropped .8% to 6.9%.
By pretty much every metric, the Trump/GOP economy is performing at a high level. Most importantly, families are feeling the improvement.