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sábado, 10 de marzo de 2018

Number of employed Americans sets all-time record under Trump

As a presidential candidate, Donald Trump promised to improve the economy by bringing more jobs to America. And he appears to be doing just that.

According to the most recent report, the number of employed Americans reached an all-time high of more than 155 million last month.

And this wasn’t the only record set — the good news sent the stock market soaring.

“Jobs, Jobs, Jobs!”

Employment records have reached a new high for the eighth time under President Trump, according to the Bureau of Labor Statistic’s (BLS) newest report.

Released on Friday, the report indicates that 155,215,000 Americans were employed in February. In January, which was also a record-setting month, the number employed was 154,430,000, which means that there was a 785,000 worker increase.

There were also record highs for two subgroups – black Americans, which got up to 19,087,000, and women 16 and older at 72,530,000.

In terms of new jobs, economists were expecting nonfarm payroll to increase by 200,000. But this number was smashed in February, which saw 313,000 new jobs. Here is the breakdown:

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.

Meanwhile, the so-called unemployment rate held steady at 4.1 percent for the fifth straight month, with the “real” unemployment, which takes into account those out of the workforce and the underemployed, remaining at 8.2 percent.

Labor force participation also increased to 63%, leading Chicago Fed President Charles Evans to comment, “The state of the labor market is vibrant” and the “increase in the labor-force participation rate is a really good sign.”

Soaring Stocks

The number of employed Americans was not the only record set — the news of “313,000 new jobs” caused the stock market to soar.

On Friday, the Nasdaq composite went up 1.8 percent to 7,560.82, reaching intraday and closing records, while erasing losses from last month’s correction.

The Dow Jones industrial average rose 440.53 points to close at 25,335.74.

“This jobs report was the perfect slice of pizza,” said Kevin Mahn, president and chief investment officer at Hennion & Walsh. “It did reaffirm the underlying strength of this economy, but it also diminished some of those inflationary concerns and the potential that there could be more than three rate hikes this year.”

In addition to the increased number of jobs, the stock market was positively influenced by President Trump’s decision to exclude Mexico and Canada from the tariffs that will now be imposed on those countries looking to import steel and aluminum into America.

The president celebrated the good news, tweeting:

Looking Forward

Following BLS’s most recent report, all signs seem to indicate that the economic upturn will continue under the Trump administration.

This is good news for the upcoming midterm elections, which many worry that the Democrats will win big. If the economy continues at this rate, Republicans might just be able to hang in there.