Jobs Report Crushes Expectations, Sets Pace For Solid Growth In 2020

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BREAKING: Jobs Report Crushes Expectations, Sets Pace For Solid Growth In 2020

Republican presidential candidate Donald Trump smiles while speaking at a rally at Drake University in Des Moines, Iowa, Thursday, Jan. 28, 2016. (AP Photo/Andrew Harnik)

The U.S. economy added 225,000 jobs in January, according to the Bureau of Labor Statistics, far surpassing expectations from leading financial experts.

Ahead of this morning’s report, most firms project between 150,000-190,000 jobs added with a lingering unemployment rate and modest wage growth.

However, the growth of 225,000 jobs indicates the booming economy isn’t quite done growing, despite earlier worries that it couldn’t last. Revisions of previous months shows as average of 211,000 jobs over the last three months, with the unemployment rate holding fairly steady and participation rate increasing. Via The Wall Street Journal:

Wages increased 3.1% from a year earlier, a touch higher than December’s annual rise of 3%.

Economists surveyed by The Wall Street Journal had forecast job growth of 158,000, an unemployment rate of 3.5% and year-over-year wage growth of 3.0%.

January’s robust payroll gain points to a continued healthy labor market in a U.S. economic expansion now in its 11th year. Over the past three months, the U.S. economy added an average 211,000 jobs. Job growth was revised higher in the last four months of 2019.

In an election year, all signs point to a strong re-election platform for President Donald Trump, as well.

If this type of growth continues to happen, it will be much more difficult for Democrats to say that the lower and middle class are not doing so well under Trump’s administration – especially in minority communities, which are seeing record-low unemployment.

Joe Cunningham



 


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