The Bureau of Labor Statistics (BLS) releases the January jobs and labor report and the results are MAGAnificent. 225,000 jobs gained in January; non-supervisory wage growth against exceeds supervisory at 3.2%; and 185,000 workers re-entered the workforce.
The 225,000 new jobs far exceeded expectations. Economists were looking for 160,000. Also the November report was revised up by 5,000 (from +256,000 to +261,000) and the change for December was revised up by 2,000 from (+145,000 to +147,000). With these revisions, employment gains in November and December combined were 7,000 higher than previously reported.
Keep in mind these excellent jobs results are without the domestic investment expected to be produced by the USMCA manufacturing realignment. As goods producing companies start evaluating the new total production costs, the investment shift toward North America will likely keep a tailwind on our economic growth and jobs.
[…] “The second, which is almost as important, but less obvious, is labor force participation is trending higher and because it’s still so far below previous cyclical peaks.
If that continues to go up, because people are being pulled into the workforce, that means that these big jobs gain that a lot of people have been thinking were going to slow are going to continue. They’re going to continue longer relative to whatever your baseline was, i.e., we’re not running out of people because participation is going up, that’s great. That’s great for everybody.”