Januarys Jobs Jump: The Trump Economy Begins Economy: The U.S. added a net 227,000 new jobs as the unemployment rate stayed at 4.8% in January, the first month of Donald Trumps presidency. Even more heartening, however, is that by the household survey a separate poll of households, rather than businesses full-time employment hit a record high in January, rising 457,000 in the month to 124.705 million. At the same time, the number of part-time jobs plunged by 490,000, a sign the part-time economy may be nearing its end and a full-time economy taking its place.
- The U.S. added a net 227,000 new jobs as the unemployment rate stayed at 4.8% in January, the first month of Donald Trump’s presidency.
- So this can be seen as a tentative vote of confidence in Trump’s expressed plans for reforming and cutting taxes, removing the ObamaCare burden, and deregulating the economy — all of which, most economists agree, will boost economic growth. All in all, it looks like a good start.
- Look at the details. Manufacturing employment, which has been in a long-term secular decline, rose 5,000 for the month. Meanwhile, government jobs fell by 10,000, perhaps reflecting job gaps as a new administration comes in and an old one departs. Still, Trump’s pledge to “drain the swamp” could lead to a more efficient, less-intrusive federal government. If so, January’s drop might be the start of a trend.
“No, none of his policies were in force for the entire month, and, yes, Obama was still in office for much of it. And we would be remiss if we didn’t note that one month is not a trend, nor should it be a prediction.”