Wooo doggies… Hold on to your caps. It’s a hurricane of winningness today.
…“and we will win, and you will win, and we will keep on winning, and eventually you will say we can’t take all of this winning, …please Mr. Trump …and I will say, NO, we will win, and we will keep on winning”…
According to the Bureau of Labor Statistics the U.S. MAGAnomic economy added 313,000 jobs in February, crushing expectations. In addition to the stunning job growth in February, previous months’ counts were revised much higher: December was revised upward from 160,000 to 175,000 (+9.38%); January saw a massive boost from 200,000 to 239,000 (+19.5%). The three-month average is now 242,000.
Economists surveyed by Reuters had previously predicted payroll growth of 200,000. The result of 313,000 stunned prior economic pontificators, and is 56% higher than expected.
Additionally, the jobs gains were solid in higher wage sectors of the economy: Construction (+61K), Manufacturing (+31k), Business Services (+50k). See below.
[Labor and Statistics] […] In February, construction employment increased by 61,000, with gains in specialty trade contractors (+38,000) and construction of buildings (+16,000). Construction has added 185,000 jobs over the past 4 months.
Retail trade employment increased by 50,000 over the month. Within the industry, employment rose in general merchandise stores (+18,000) and in clothing and clothing accessories stores (+15,000). However, over the past 4 months, which traditionally see the bulk of the holiday hiring and layoff, employment in these industries has changed little on net. Elsewhere in retail trade, building material and garden supply stores added jobs over the month (+10,000).
Employment in professional and business services increased by 50,000 in February and has risen by 495,000 over the year. Employment in temporary help services edged up over the month (+27,000).
Manufacturing added 31,000 jobs in February. Within the industry, employment rose in transportation equipment (+8,000), fabricated metal products (+6,000), machinery (+6,000), and primary metals (+4,000). Over the past year, manufacturing has added 224,000 jobs.
Financial activities added 28,000 jobs over the month, with gains in credit intermediation and related activities (+8,000); insurance carriers and related activities (+8,000); and securities, commodity contracts, and investments (+5,000). Over the year, financial activities has added 143,000 jobs.
Employment in mining rose by 9,000 in February, with most of the increase in support activities for mining (+7,000). Since a recent low in October 2016, mining has added 69,000 jobs.
Employment in health care continued to trend up in February (+19,000), with a gain of 9,000 in hospitals. Health care has added 290,000 jobs over the past year.
Employment in other major industries, including wholesale trade, transportation and warehousing, information, leisure and hospitality, and government, showed little change over the month. (BLS Link)