According to the Labor Department’s Friday jobs report, manufacturers added 28,000 jobs last month, which was reported as reaching a three-year high. The AP (3/10) said construction and manufacturing “were fruitful places to look for jobs in February,” adding that the construction sector also “posted robust gains, adding 58,000 jobs last month.”
NAM President and CEO Jay Timmons released a statement praising the “Trump bump” in the jobs report. The Hill (3/10, Needham) reported manufacturing “had a strong month” and quoted Timmons saying, “Today’s news is another strong indicator of the ‘Trump bump’ of positive economic activity.”
Following the report, the NAM attributed the growth “to the Trump Administration’s emphasis on promoting deregulation and domestic manufacturing,” according to TIME (3/10). Timmons said, “Across America, manufacturers’ confidence is high, and business optimism continues to soar, because of President Donald Trump’s laser focus on policies that will accelerate a jobs surge in America.”
US Employers Added 235,000 Jobs in February. In total, the Labor Department said, US employers added 235,000 jobs in February, while the unemployment rate fell to 4.7% and wages rose 0.2%. Most outlets said the growth is a sign of President Trump’s positive impact on the economy, and nearly every article said the data is good news for the US labor market.
The AP (3/10, Rugaber) said the US “added a robust 235,000 jobs in February and raised pay at a brisk pace – signs that a resilient economy has given many companies the confidence to hire in anticipation of solid growth ahead.” Politico (3/10, Levine) highlighted that Trump’s “first job report beat expectations,” as did Reuters (3/10, Leong) and the Wall Street Journal (3/10, Sparshott).
In a front-page article, the New York Times (3/10, A1, Cohen, Subscription Publication) said the “hefty gain” in jobs “clears the path for the Federal Reserve to raise its benchmark interest rate when it meets next week.” Reuters(3/10, Valetkevitch) also emphasized it “pointed to strength in the domestic economy and supported expectations the Federal Reserve will raise interest rates next week.”
The Hill’s (3/10, Needham) “Briefing Room” blog reports National Economic Council Director Cohn “said the White House’s economic plan clearly boosted job growth” and he “called the 235,000 new jobs ‘a perfect number’ and said it’s ‘right exactly where it needed to be.’” Appearing on CNBC’s “Squawk on the Street,” Cohn added, “Our jobs plan and our jobs creation – and bringing jobs back to America – is going exactly the way we’d like it to go. ...I think this number reaffirms everything we’re trying to do.”
The Washington Post (3/10, Swanson) said “Trump’s ambitious pledges to slash corporate taxes, cut regulations, and boost spending on infrastructure have helped push stock markets to record highs in recent weeks.” The Wall Street Journal (3/10, A1, Kuriloff, Maxey, Subscription Publication) reported in a front-page article that investors are increasingly optimistic by the stock market’s performance since Trump’s election.
Reuters (3/10) reported last month’s hiring “was accompanied by steady wage growth, with average hourly earnings rising 6 cents, or 0.2%,” compared to a revised 0.2% gain in January. That lifted the year-on-year increase in wages “to 2.8% from 2.6% in January.”
Trucking Sector Adds Most Jobs in Five Years. The Wall Street Journal (3/10, Smith, Subscription Publication) reported trucking fleets increased hiring at the fastest pace in five years, with 10,600 new jobs added in February.
Manufacturing jobs report provided by the National Association of Manufacturers.