Mar 09, 2018

Putting U.S. Employment Numbers in Context – February 2018

Post by Freedom Partners

This morning, the Bureau of Labor Statistics (BLS) reported that the unemployment rate for February 2018 remained at 4.1 percent and that the economy gained 313,000 jobs, the highest reading since July 2016 and more than 50 percent higher than economists expected. Additionally, the number of employed people in the workplace rose by 785,000.

Today’s report further shows the positive movements in the labor force during the Trump administration’s first thirteen months. During that time, the economy gained a total of nearly 2.5 million jobs, at an average rate of 190,846 jobs per month. The largest private sector job gains were seen in education and health services, as well as professional and business services. Additionally, during that time average hourly earnings for all private sector employees rose nearly 3 percent, while the unemployment rate dropped 0.7 percentage points. Hiring in the retail sector increased by roughly 50,000 last month, bringing the total retail jobs added under President Trump to nearly 13,500.

After months of work by congressional leaders and members of the administration, President Donald Trump signed the Tax Cuts and Jobs Act into law late last year. This historic legislation is already spurring job creation, making businesses more competitive, and improving the lives of millions of Americans. To date over 300 businesses have already announced plans to invest in the economy and giving more money back to employees.

Feb 2018 Employment