Just Some “Really Darn Good News”

 

With A Quarter Million New Jobs Added In February, The U.S. Has Topped What Experts Predicted For All Of 2020 In Just Two Months

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The Facts:

WITH 273,000 JOBS ADDED IN FEBRUARY, TODAY’S JOBS REPORT SMASHED EXPECTATIONS

The nearly 550,000 jobs added in January and February alone topped what the Congressional Budget Office predicted for all of 2020 .

The 273,000 jobs added in February brought the total number of jobs added since President Trump’s election to 7.3 million.

Unemployment fell to match a 50-year low at 3.5%.

Fox Business’ Dagan McDowell : Unemployment “is the lowest that I have ever seen in my lifetime and that’s what matters to people.”

Manufacturing and construction defied expectations posting “solid” job growth.

Americans are coming off the sidelines and back into the workforce as labor force participation is close to the highest level since mid-2013.

EXPERTS AGREE THAT TODAY’S JOBS REPORT IS “NEARLY PERFECT”

CNN’s Christine Romans : February jobs report shows “strong labor market,” “heavy hiring across the spectrum.”

The New York Times Senior Economic Correspondent Neil Irwin : “Blockbuster jobs report for February.”

Chris Rupkey , Chief Financial Economist of MUFG Union Bank: “The employment report was nearly perfect.”

Economist Justin Wolfers : Today’s job and unemployment numbers are “really darn good news.”

CNBC’s Sara Eisen : “This is a very strong jobs report.”

TODAY’S REPORT UNDERLINED THE “IMPRESSIVE GROWTH AND STRENGTH” OF THE U.S. ECONOMY UNDER PRESIDENT TRUMP

The Washington Post : Today’s jobs numbers highlight the “impressive growth and strength” of the U.S. economy.

The New York Times : In an “impressive showing” the U.S. economy “churned out a blockbuster number of jobs,” for the second month in a row.

Lara Rhame, Chief U.S. Economist for FS Investments: Today’s jobs report was “good news,” despite global uncertainties the U.S. economy is “ much more resilient ” than other world powers like Germany or Japan.

Bloomberg : Employment “surged” in February indicating that the labor market was “on especially solid footing.”

The Wall Street Journal’s James Freeman : “Phenomenal” jobs report evidence of trump policies creating “great economy.”

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TODAY’S JOBS REPORT SMASHED EXPECTATIONS AS THE NEARLY 550,000 JOBS ADDED IN JANUARY AND FEBRUARY ALONE TOPPED WHAT EXPERTS PREDICTED FOR ALL OF 2020

The U.S. Added 273,000 Jobs In February As The Labor Market Continues To Add Jobs “At A Breakneck Pace”

The U.S. Added 273,000 Jobs In February. ( Bureau Of Labor Statistics , Accessed 3/6/20)

• The U.S. Has Added 7.3 Million Jobs Since President Trump Was Elected. ( Bureau Of Labor Statistics , Accessed 3/6/20)

CNBC Headline: Job Growth Smashes Expectations For February As Unemployment Falls Back To 3.5%. ( CNBC , 3/6/20)

Unemployment In February Has Remained At 3.5% Or 3.6% For The Past Six Months ( Bureau Of Labor Statistics , Accessed 3/6/20)

Axios: “The Labor Market Is Adding Jobs At A Breakneck Pace. “The labor market is adding jobs at a breakneck pace, but the numbers don’t take into account the worsening coronavirus outbreak that threatens the record-long stretch of job gains.” ( Axios , 3/6/20)

The U.S. Economy Generated 105,000 More Jobs In January And February Than The Congressional Budget Office Projected It Would During All Of 2020. “The Congressional Budget Office projected 441,000 jobs would be created over the four quarters of 2020 in its final pre-2016 election forecast. Instead, 546,000 jobs were added in Jan and Feb #JobsDay” ( Twitter Feed , 3/6/20)

Fox Business’ Dagan McDowell: Unemployment “Is The Lowest That I Have Ever Seen In My Lifetime And That’s What Matters To People.” MARIA BARTIROMO: “Even the wage number, Dagan, is really good, this was higher than a lot of people expected there as well.” DAGAN MCDOWELL: “A 3% year over year wage growth, which again is still outpacing inflation, core inflation is only at 1.6%. And just, the headline should be the unemployment rate fell back to a 50-year low. This is the lowest that I have ever seen in my lifetime and that’s what matters to people, it matters to people that they can go out and find a job and people are still hiring. Again, the foundation of this economy is so solid.” (Fox Business’ “Mornings With Maria, 3/6/20)

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CNN’s Christine Romans: February Jobs Report Shows “Strong Labor Market,” “Heavy Hiring Across The Spectrum.” CHRISTINE ROMANS: “A really strong labor market. I mean the strongest jobs gains in more than a year and a half. 273,000 net new jobs in February. January, revised higher. December, revised higher. And the unemployment rate back down at 3.5%. That is a 50-year low. Where are we seeing the hiring? Heavy, heavy hiring across the spectrum. Health care. Every month we tell you all the jobs being hired there. Food services. Bars and restaurants really picking up a lot of jobs in those last three months. The end of last year, beginning of this year. And construction. February was unseasonably warm. So when you look at construction, any kind of outdoor job, those people were working in February making money in February at a time of year that usually you see a little bit of a lull. I want to go back to this because this shows you, honestly, that this was a very strong labor market. 11 years almost into an economic expansion.” (CNN’s “New Day,” 3/6/20)

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Manufacturing And Construction Defied Expectations With Significant Job Growth

Manufacturing Added 15,000 Jobs, Defying Predictions Of A Decline. “Manufacturers unexpectedly added workers, gaining 15,000 despite projections for a second-straight decline. The industry was beginning to strengthen late last year after the signing of the latest trade deal with China.” ( Bloomberg , 3/6/20)

U.S. Manufacturers Added 15,000 Jobs In November Bringing The Total Number Of Manufacturing Jobs Created Under President Trump To 514,000. ( Bureau Of Labor Statistics , Accessed 3/6/20)

The New York Times’ Ben Casselman: “Solid Month For Manufacturing (+15k Jobs), Which Could Reflect Some Relief After The Phase 1 Trade Deal.” “Solid month for manufacturing (+15k jobs), which could reflect some relief after the Phase 1 trade deal (could also be noise). But look for coronavirus to hurt the sector next month. (Note that big swings in the fall were driven by GM strike.)” ( Twitter Feed , 3/6/20)

Construction Jobs Also Had Significant Gains In February, Adding 42,000. “The U.S. also added 42,000 construction jobs in February as warm weather helped push forward projects that would have otherwise waited until spring to begin. Manufacturing also gained 15,000 jobs in February after months of contraction.” ( The Hill , 3/6/20)

Americans Are Coming Off The Sidelines And Back Into The Workforce, Labor Force Participation Is Close To The Highest Level Since Mid-2013

The Labor Force Participation Rate Has Remained At 63.4% ( Bureau Of Labor Statistics , Accessed, 3/6/20)

The Labor Force Participation Rate Is Close To The Highest Level Since Mid-2013. “The labor force participation rate held at 63.4%, close to the highest level since mid-2013 and indicating a solid proportion of the working age population employed or actively seeking employment.” ( Yahoo Finance , 3/6/20)

MEDIA AND EXPERTS PRAISED THE STRENGTH OF THE ECONOMY IN THE WAKE OF FEBRUARY’S IMPRESSIVE JOB GROWTH

Experts Agree That Today’s Jobs Report Is “Nearly Perfect”

The Hill Headline: “Economy Adds 273K Jobs In February, Crushing Expectations Amid Coronavirus Worries.” ( The Hill , 3/6/20)

The New York Times Senior Economic Correspondent Neil Irwin: “Blockbuster Jobs Report For February.” “Blockbuster jobs report for February before coronavirus impacts hit. The job market was humming as of about three weeks ago.” ( Twitter Feed , 3/6/20)

Chris Rupkey, Chief Financial Economist Of MUFG Union Bank: “The Employment Report Was Nearly Perfect.” “ ’The employment report was nearly perfect in February before the growing economic storm posed by the spreading coronavirus around the country that threatens many industries where the public gathers from movies, to travel, to the airline industry, even shops and malls,’ Chris Rupkey, chief financial economist of MUFG Union Bank, wrote in commentary Friday.” ( The Washington Post , 3/6/20)

Economist Justin Wolfers: Today’s Job And Unemployment Numbers Are “Really Darn Good News.” “But the good news -- the really darn good news -- is that between early Jan and early Feb the economy created 273k nonfarm payroll jobs. Unemployment fell a tick to 3.5%. And revisions for the past two months added another +85k.” ( Twitter Feed , 3/6/20)

CNBC’s Sara Eisen: “This Is A Very Strong Jobs Report.” SARA EISEN: “Good morning, Mika. this is a very strong jobs report. So for the month of February, the U.S. economy added 273,000 jobs. That was way better than economists were looking for at 175 or so. The unemployment rate takes down to 3.5%, also better than expected and hovering near that 50-year low. Wages continue to gain for Americans, .3% higher which is good to see. and as a bonus, both January and December, so the two prior months were revised higher.” (MSNBC’s “Morning Joe, 3/6/20)

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Today’s Report Underlined The “Impressive Growth And Strength” Of The U.S. Economy Under President Trump

The Washington Post : Today’s Jobs Numbers Underlined The “Impressive Growth And Strength” Of The U.S. Economy. “The U.S. economy added 273,000 jobs in February, showing impressive growth and strength even amid concerns about the economic fallout of the coronavirus. The unemployment rate fell slightly to 3.5 percent from 3.6 percent. The jobless rate remains near a 50-year low. The outstanding growth was driven by gains in health care, restaurants, government and construction hiring.” ( The Washington Post , 3/6/20)

The New York Times : In An “Impressive Showing” The U.S. Economy “Churned Out A Blockbuster Number Of Jobs,” For The Second Month In A Row. “For the second month in a row, the economy churned out a blockbuster number of jobs, the government reported Friday, an impressive showing in an era of slow-and-steady employment growth.” ( The New York Times , 3/6/20)

Lara Rhame, Chief U.S. Economist For FS Investments: Today’s Jobs Report Was “Good News,” Despite Global Uncertainties The U.S. Economy Is “Much More Resilient” Than Other World Powers Like Germany Or Japan. “‘An important piece of good news here is that while we face these extraordinary uncertainties -- and I think that’s going to continue throughout most of 2020 -- our economy coming into this was much more resilient than say Germany or Japan,’ Lara Rhame, chief U.S. economist for FS Investments, said on Bloomberg TV.” ( Bloomberg , 3/6/20)

Bloomberg: Employment “Surged” In February Indicating That The Labor Market Was “On Especially Solid Footing.” “U.S. employment surged last month with the biggest gain since May 2018, indicating the labor market was on especially solid footing before the spread of the coronavirus intensified.” ( Bloomberg , 3/6/20)

The Wall Street Journal’s James Freeman: “Phenomenal” Jobs Report Evidence Of Trump Policies Creating “Great Economy.” JAMES FREEMAN: “Yeah this a snapshot of what this economy can do when you have Trump tax cuts, Trump deregulation, minus Trump trade fights, resolving the China situation. This is phenomenal and it continues several months of really strong job gains, this is a great jobs market, this is a great economy.” (Fox Business’ “Mornings With Maria, 3/6/20)

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