(NationalSentinel) Economy: The one thing that can sink a Trump presidency will be his inability to grow the economy and create jobs. But so far, he’s off to a good start.
New employment figures released Friday showed solid growth once again, per Reuters:
U.S. job growth rebounded sharply in April and the unemployment rate dropped to a near 10-year low of 4.4 percent, signs of a tightening labor market that could seal the case for an interest rate increase next month despite moderate wage growth.
Nonfarm payrolls jumped by 211,000 jobs last month, the Labor Department said on Friday, well above the monthly average of 185,000 for this year and a jump from the gain of 79,000 in March.
Job gains were driven by a surge in hiring in the leisure and hospitality sector as well as business and professional services.
The drop of one-tenth of a percentage point in the unemployment rate took it to its lowest level since May 2007. The decline reflected both an increase in hiring and people leaving the labor force.
Also, the labor force participate rate – which fell to its lowest levels in decades during the lousy economy that marked the Obama years – also showed healthy signs, falling from 63 percent to 62.9 percent, meaning more Americans were looking for, and taking, jobs.
The economy needs to create 75,000 to 100,000 jobs per month to keep up with growth in the working-age population. Job growth averaged 178,000 per month in the first quarter, Reuters noted.
President Donald J. Trump’s behind-the-scenes executive orders and other actions taken in conjunction with Congress to reduce the size and scope of the federal bureaucracy continue to create positivity and confidence among American industry and business, though the president and GOP lawmakers won’t get any credit for it in the discredited establishment press.