Economy - - Mar 11,2017
First full month of Trump administration’s saw unemployment fell to 4.7% from 4.8% as Trump tries to fulfill his electoral promise of adding 25 million jobs over 10 years.
According to the monthly employment report for February, US economy created 235,000 new jobs.
This economic momentum was given by construction sector from where almost a quarter of the jobs came. Furthermore, employment in manufacturing increased by 28,000 to 58,000 jobs in the month of February. New employment food manufacturing was 9,000 and in machinery, it was 7,000.
Government jobs increased by 8,000. Federal added 2,000 new jobs in the first full month of President Trump. State and local agencies added 6,000 new jobs.
The unemployment rate is down to 4.7% from 4.8% in the month of February. Earlier, the US economy has seen the unemployment rate rise to 10 percent during the sub-prime financial crisis of 2008-2009.
During the election campaign, Trump had promised to create 25 million jobs in the next 10 years. The current progress is very much in line with this promise.
Consumer’s demand and business confidence are high and stocks are rising to record levels. Wage is continuing rising after being stagnant for years. Wages increased by 2.8% in February than a year ago.
The US economy is overall showing signs of strength today and the Federal Reserve could raise the interest rates in coming days.
The US economy added 227,000 jobs in January and 178,000 jobs in December. December was the last month for the previous president Barack Obama. The economy created an average of 190,000 new jobs per month in 2016.
However, not all sectors of the US economy did well. The retail sector lost 26,000 jobs in February as some retail chains like JCPenney closed their stores. Government and transportation sectors also saw scanty job gains.