HERE WE GO: The economy just added way more jobs than expected!

by The Right Scoop

It looks like we are beginning to see big results from the GOP tax reform bill that passed last year, with well over 100k more jobs being added in February than expected:



Here’s more from CNBC:

The economy added 313,000 jobs in February, crushing expectations, while the unemployment rate remained at 4.1 percent, according to a Labor Department report Friday that could help quell inflation fears.

Economists surveyed by Reuters had been expecting nonfarm payroll growth of 200,000 and the unemployment rate to decline one-tenth of a percent to 4 percent. An increase in the labor force participation rate helped keep the headline unemployment number steady, as the number of those counted as not in the workforce tumbled by 653,000 to just over 95 million.

A separate measure that takes into account those out of the workforce and the underemployed — sometimes referred to as the “real” unemployment rate — held steady at 8.2 percent.

Stock market futures surged following the report, with the Dow industrials indicating an open of nearly 200 points higher after being slightly negative before the news.

Construction jobs led the way, with 61,000 new positions, followed by retail and professional and business services (50,000 apiece), manufacturing (31,000) and financial activities (28,000). Health care added 19,000 while mining saw 9,000 new jobs.

“The jobs streak remains intact, and it’s punctuating what has been a tremendous start to the year,” said Mike Loewengart, vice president of investment strategy at E*Trade.

In addition to the big job growth, previous months’ counts were revised substantially higher. December went from 160,000 to 175,000 while January saw a boost from the initially reported 200,000 to 239,000. That brings the three-month average to 242,000.

This is the kind of jobs report I’ve been hoping to see. Not only were previous months revised upward but this month blew out expectations. I hope for many more months of this.

Now, it’s time for Republicans to repeal Obamacare to help kick the economy in gear even more.


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