The Donald Trump economy is utterly smashing the expectations of economists time and again, this time surging far past the number of jobs expected and creating the lowest unemployment rate since 1969.
The Trump economy created 263,000 jobs in April pushing the unemployment rate down to 3.5 percent, the Labor Department said Friday.
The number of jobs created totally smashed expectations, Breitbart News reported:
Professional and business services added 76,000 jobs in April. Construction added 33,000, making its 12-month total 256,000. The health care sector grew by 27,000 jobs in April. Financial jobs rose by 12,000. Manufacturing employment changed little for the third month in a row, rising by just 4,000. Mining, warehousing, leisure and hospitality, information technology, and government were also close to flat for the month
With the amazing number of jobs created, unemployment fell to 3.5 percent, the lowest rate since 1969.
Wages also continued to rise through April, the government said.
“Average hourly earnings rose by 6 cents to $27.77. Over the year, average hourly earnings have increased by 3.2 percent. Inflation is running at 1.5 percent, so real average hourly earnings have gone up by 1.7 percent,” Breitbart reported.
This is also of note (my bold):
February’s nonfarm payroll number was revised upward from 33,000 to 56,000, the second upward revision for what initially looked like a terrible month for the labor market. March’s estimate was brought down from 196,000 to 189,000. The three-month moving average is now 169,000 jobs.
Now, this is exactly the opposite of nearly every single reporting period during the Obama years. In April they revised the number of jobs UPWARD, meaning the initial report was too low. But during the Obama years, they always revised the initial numbers DOWNWARD meaning FEWER jobs were created! It was rare when Obama jobs were “revised upward.”
The numbers came a few days after ADP and Moody’s Analytics said the private sector added 275,000 jobs in April, far surpassing expectations for 180,000 new jobs. Last year, the economy added an average of 233,000 a month, defying expectations that job creation would slow as unemployment hit record lows.
With all this, the Fed has decided to let it all coast instead of intervening to guide the economy.
Follow Warner Todd Huston on Twitter @warnerthuston.