(National Sentinel) So Much Winning: The U.S. economy crushed expectations in February, adding 313,000 new nonfarm payroll jobs as unemployment remained at 4.1 percent.
As CNBC reported, the unemployment rate is the lowest its been since 2000, and while wage growth was muted — “with average hourly earnings up 2.6 percent on an annualized basis, 0.2 percentage points below expectations” — if job growth continues, economists say wages will have to grow as employers compete for a shrinking pool of workers.
The network noted further:
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.
Meanwhile, on Wall Street stock market futures soared following the jobs report. The Dow industrials opened more than 100 points higher after being slightly negative before the report was published.
“The underlying economic growth is quite strong, but there’s no real pressures from a wages and inflation standpoint,” Greg Peters, senior investment officer at PGIM Fixed Income, told CNBC. “It’s very good for risk assets.”
The network broke down the employment figures:
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.
As reported by CNS News, a record 155,215,000 Americans were employed in February, 785,000 more than last month’s record 154,430,000, according to the Bureau of Labor Statistics.
“President Trump noted on Thursday that the unemployment rate for women is hovering at an 18-year low. ‘And we’re very close to the all-time record, so we hope to be able to hit that,’ he said. It happened today,” the news site reported.
Another economic factor endemic to the Trump presidency: Household net worth is rising as well, pushing further into record territory, The Wall Street Journal reported Friday.
“Americans’ wealth pushed further into record territory in the final quarter of last year, hitting nearly $100 trillion thanks to rising stock markets and property prices,” the paper reported.
“Household net worth—the value of all assets such as stocks and real estate minus liabilities like mortgage and credit-card debt—rose more than $2 trillion last quarter to a record $98.746 trillion,” the WSJ added.
The ratio of wealth to income is “at pretty dizzying levels right now,” JPMorgan Chase economist Michael Feroli told the paper.
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