In this MAGA era, the economy added a whopping 304,000 jobs, topping analyst’s expectations, with the unemployment down to four percent.
According to NPR:
Employers added 304,000 jobs last month — topping analysts’ expectations and the 223,000 average monthly gain in 2018. The string of job growth underscored the long economic expansion since the Great Recession.
The jobs growth is about double what economists thought.
Private economists had expected an increase of about 170,000 jobs and the unemployment rate to be unchanged at 3.9 percent.
Remember, in the old days, economists called an unemployment rate of five percent “full employment,” with the idea that there will always be some small segment of the work force unemployed at any given time. And now we are at 4 percent, a full one percent below what they used to call “full employment”!
“Gains occurred in a number of sectors: Leisure and hospitality added 74,000 jobs, construction 52,000, health care 42,000, retail nearly 21,000 and manufacturing 13,000,” NPR reported.
The tiny uptick in unemployment from 3.9 to 4 percent is being attributed to the temporary government shut down.
Still, the Labor Department said that the number of people employed part time who wanted to work full time jumped by about 500,00, to 5.1 million, in January. “Nearly all of this increase occurred in the private sector and may reflect the impact of the partial federal government shutdown,” it said.
“The respectable employment data provides something of a relief, for now at least, for members of the Federal Reserve who have been bracing for the possibility of a more serious slowdown in the U.S. economy,” Mark Hamrick, a senior economic analyst at Bankrate.com, told NPR.
Once again we get a great economic report in this era of Trump.
Follow Warner Todd Huston on Twitter @warnerthuston.