U.S. Job Growth Exceeds Estimates: 275,000 New Jobs Created in April

[Swordsmyth]

Economists polled by MarketWatch expected just 177,000 new jobs to have been created by the U.S. economy in April, once again applying rear-view-mirror thinking to their forecasts. Instead, not only did the economy generate 275,000 new jobs (according to payroll giant ADP with some help from Moody’s), but the gains were across every sector and size of business.
Service-providing jobs, such as professional and business services and education and health services, leapt by 223,000 in April, while goods-producing jobs (construction, manufacturing, and mining) added 52,000. ADP also revised upwards its March report by 22,000 jobs.
Mark Zandi, Moody’s chief economist and resident pessimist, was forced to admit that “the job market is holding firm.… The economic soft patch at the start of the year has not materially impacted hiring. But, he added, “April’s job gains overstate the economy’s strength.”

There are none so blind as those who refuse to see. Count Zandi among them. Since President Trump’s inauguration, the U.S. economy has added well over a million new jobs. Concerns that the labor pool isn’t large enough to sustain such remarkable growth (the economy grew at an annual rate of 3.2 percent in the first quarter, also crushing economists’ forecasts) are way overblown. The number of unemployed workers in the United States peaked at more than 15 million in October 2009. Since then the recovery has dropped that number by more than 60 percent, and unemployment now stands at just over six million. Add in new entrants to the workforce, and one can immediately see what Zandi cannot: There’s no reason, outside of Federal Reserve interference, that the Trump economy cannot continue to grow and notch new employment records on a regular basis.
With inflation muted (well under two percent per year), real spendable wages are growing handsomely. Confidence in the economy is reflected in the latest poll from Rasmussen, which noted that 69 percent — a record high — of those polled think it’s possible for anyone who really wants to work to find a job, while just 20 percent — a record low — disagree.


More at: https://www.thenewamerican.com/econ...s-estimates-275-000-new-jobs-created-in-april

 

[oyarde]

Be nice to see that move to 330K or so and actually move the tick up on the pecentage of Americans in the work force . Anyway , good to see Danke doing something .

 

[jkr]

P
O
T

 

[Zippyjuan]

That makes the average for the last three months 168,000.

 

[oyarde]

That makes the average for the last three months 168,000.

Actually , not been very good for over a decade considering how large the population is and how many losses there were in the last crash . Without Obamacare they would have recovered much faster .

 

[Swordsmyth]

The jobs report released by the Labor Department on Friday confirmed what ADP reported on Wednesday: The U.S. economy generated more than a quarter of a million new jobs in April. As we noted on Wednesday in reporting on the ADP numbers, there’s no reason, outside of Federal Reserve interference, that the Trump economy cannot continue to grow and notch new employment records on a regular basis.
Friday’s report from the Labor Department’s Bureau of Labor Statistics noted at least one new record: “The unemployment rate declined by 0.2 percentage points to 3.6 percent in April, the lowest rate since December 1969.” It also reported that the number of unemployed persons in the economy dropped below six million for the first time in decades.
There were other important takeaways:
• Wages grew by 3.2 percent year-over-year, way ahead of price increases and rising at the fastest pace in nearly a decade;
• Jobs have increased for 104 straight quarters;
• Job openings exceed job seekers by more than one million;
• The U.S. economy remains on track to add two million new jobs for the ninth straight year;
• The economy has created more than 20 million jobs since the Great Recession ended in 2009;
• This growth continues despite various headwinds such as the slowdown in Europe, the continuing trade war with China, and Brexit;
• Factory orders jumped 1.9 percent in March, the best monthly showing since last August;
• Employers are not only raising wages to obtain the services they need, but are adding perks as well, including upgraded cafeterias, expanded day-care benefits, and subsidies for essentials such as gas and parking; and
• Fed Chair Jerome Powell is, for the moment at least, happy: “My outlook … is a positive one … for the U.S. economy for the rest of this year.”

That last point cannot be overemphasized. It was Powell’s determination to slow the Trump economy that caused it to slow slightly starting late last year and into early 2019. He claimed he was doing a preemptive strike against inflation, operating under the assumption that wage hikes would translate into prices hikes. But as real wages have increased, price increases have moderated, to his consternation, and so he has removed, at least temporarily, the threat of any further interest-rate hikes.
Without that threat, the economy righted itself, and now appears ready to sprint ahead for the foreseeable future.


More at: https://www.thenewamerican.com/econ...th-in-april-blew-away-expectations-at-263-000