President Donald Trump’s economy added 273,000 jobs in February, smashing industry expectations amid the looming threat of the coronavirus.
January and December jobs numbers were also revised upwards by 85,000, making the total job gains from this report alone roughly 350,000. This jobs report proves that the fundamentals of the economy are strong notwithstanding the coronavirus outbreak, and that the tax and deregulatory policies of the Trump administration have worked.
Wage growth for American workers has been at or above 3 percent for the past 19 months, according to the Bureau of Labor Statistics report. This 19-month streak is the only time average hourly wages have grown at 3 percent in the past decade. The report noted “notable job gains” in healthcare and social assistance, food services, construction, professional and technical services. Workers are also experiencing higher wage growth than managers.
In 35 of the past 39 months since Trump was elected, businesses have added more than 100,000 jobs a month. Blue collar workers are thriving in the Trump economy –– businesses have created more than 500,000 manufacturing jobs and over 825,000 construction jobs since the 2016 election.
The unemployment rate dipped back down to 3.5 percent, matching its lowest level in 50 years. The labor force participation rate remained a robust 63.4 percent in February, matching the highest level in 7 years.
February’s impressive job growth outpaced expectations by Dow Jones economists, who predicted that the economy would add 175,000 jobs last month.
The unemployment rate for women fell to 3.4 percent in February, its lowest in 66 years. In the Trump economy, unemployment for African-Americans, Asians, Hispanics, and other key demographics remain at or near record lows.
The main takeaway from this jobs report is clear — Trump’s economic agenda is working for American workers and the Republican Tax Cuts and Jobs Act is continuing to grow the economy two years later. While many are predicting that the coronavirus epidemic will harm growth, the fundamentals of the economy remain strong due to Trump’s pro-growth economic agenda.