President Trump got another great jobs report this morning, with the economy creating 273,000 jobs in February. Adding to that good news were the revisions for January and December, which were revised upward by 48,000 jobs and 37,000 jobs respectively. The 3-month average for December-February was 243,000 jobs created per month.
There weren’t many parts of the report that inspired pessimism:
The Labor Department reported Friday that the U.S. economy added 273,000 new jobs during the month, while the unemployment rate was 3.5%, matching its lowest level in more than 50 years. An alternative measure of joblessness that counts those not looking for work and holding part-time jobs for economic reasons edged higher to 7%.
Economists surveyed by Dow Jones had been looking for payroll growth of 175,000 and a 3.5% jobless level. Average hourly earnings grew by 3% over the past year, in line with estimates, while the average work week, considered a key measure of productivity, nudged up to 34.4 hours.
According to this video, 15,000 manufacturing jobs were created:
Year-over-year wage growth stayed steady at 3.0%, too. The coronavirus will likely have an effect in the upcoming months. Still, with economy this strong, it’s ok to question how much of an impact that might have. As James Freeman said “If we want to assume that the coronavirus is not a civilization-busting plague, then this economy is really ready to roll.”
Steve Moore added that President Trump loves thinking of himself as a blue-collar president, which led Moore to note that Trump would love this jobs report because of all the blue collar jobs that were created in February. Moore also said that he’s “a policy guy and you’re so right James. You get the taxes down, you get the regulations off the back of the businesses and then you get the trade deal. We forget how important the trade deal, both the China and the USMCA, have been.”
Rest assured, Steve, we haven’t forgotten the importance of those trade deals. I wish we could forget Nancy Pelosi’s monthly jobs report statement. Still here it is:
February’s jobs report comes as families across America face an uncertain economic future as a result of the worsening coronavirus outbreak. The coronavirus epidemic endangers both the health and financial security of our communities. That is why House Democrats ensured that the emergency coronavirus response package also includes measures to protect the stability of local economies by providing an estimated $7 billion in low-interest SBA loans to support small businesses impacted by this epidemic.
Americans need a smart, strong and science-based response to this epidemic. House Democrats will continue to listen to the experts and continue to work to ensure every community is receiving what it needs to combat this urgent public health crisis.
Pelosi’s statement on the jobs report is almost entirely about the coronavirus, which is a semi-legitimate topic on the economy. It will play a role. Still, it’s worth noting that Pelosi didn’t say anything about the impact that the trade deals have had on the economy. She also didn’t say anything about the tax cuts that Democrats voted unanimously against.