As President Trump advances his agenda of less regulation, tax cuts, and higher domestic spending, expectations for economic growth are increasing and so are jobs numbers.
In February, the U.S. added 235,000 jobs, only 190,000 of which were anticipated, according to a report by the Bureau of Labor Statistics (BLS) on Mar. 10.
“You’re getting more strength in the labor market than I would have anticipated,” acknowledged chief economic strategist at LPL Financial, John Canally.
“There’s been a burst in animal spirits since Trump was elected.”
The BLS also reported a 4.7 unemployment rate as the total number of employed Americans increased by 447,000 to 152.5 million, the highest ever recorded.
- The labor force participation rate reached 63 percent – its highest since March 2016.
- An unemployment statistic that includes discouraged workers and individuals who are holding a part-time job for economic reasons decreased to 9.2 percent – its lowest since April 2008.
- Individuals not counted in the labor force declined by 176,000.
- The civilian labor force climbed by 340,000.
Tony Bedikian, head of global markets for Citizens Bank, said, “Hard to see any negative signs in this report. This should put the Fed strongly on the table for next week’s potential tightening.”
He added, “The market may begin to think about four hikes this year, instead of three.”
Related News: Report: U.S. consumers comfort index soaring
Sign up to get breaking news alerts from Dennis Michael Lynch.
Starbucks’ travel ban protest backfires dramatically