On Friday, the U.S. Bureau of Labor Statistics released its December jobs report showing that 312,000 nonfarm jobs had been added to the economy.
The number immediately drew praise from President Trump, who tweeted:
“Jobs up big, plus 312,000. Record number working. Manufacturing best in 20 years (Previous administration said this could not happen). Hispanic unemployment lowest ever. Dow plus 747 (for day),” Trump said in a pair of tweets concerning the report.
“The number of employed Americans has now set a 14th record under President Trump. Over the year, average hourly earnings have increased by 84 cents, or 3.2%. Participation Rate hits Trump-Era High,” he continued. “And we will do even better with new trade deals and all else!”
Forbes reported that the newest jobs report stacked next to former President Obama’s job report reflects more than a 700 percent increase in manufacturing jobs.
In addition to the massive influx of manufacturing jobs, Trump also succeeded in slowing the growth of government jobs.
Check it out, via Forbes:
The impressive jobs number, along with the Fed signaling patience on rate hikes, shook the stock market loose from its doldrums, with the Dow posting a 747-point gain.
With the December jobs number, President Trump now has two full years of economic performance to compare with his predecessor, President Obama. The two biggest statistical standouts are:
- Manufacturing jobs are growing at a 714% faster clip under Trump than over a similar time under Obama, and;
- Under Obama, federal state and local government employment grew 6 times faster than did manufacturing jobs, while under Trump, that ratio has been reversed, with manufacturing jobs growing 5 times faster than government jobs.
According to the Forbes report, the jobs numbers were similar on their face, but—under Trump—the economy added more jobs and reduced unemployment lower than experts thought was even possible.
“At first glance, the overall employment numbers look comparable, with a little more than 5 million net nonfarm jobs added in the last two years of the Obama Administration compared to more than 4.8 million jobs in the first two years of President Trump’s term,” Forbes reported.
“But, recall that the official unemployment rate in January 2015 was 5.7%, close to what many economists thought at the time was full employment,” the Forbes report continued. “Some of these economic experts warned that President Trump’s tax cut and reform would quickly overheat the labor market, causing a round of inflation with little long-term benefit to workers. Instead, millions of Americans rejoined the labor force, with the official unemployment rate declining to 3.9% by December 2018.”
This translates to 8.9 million people who were unemployed and looking for work in January 2015. That number decreased to 7.5 million people, one year later in the final month of Obama’s presidency. Then Trump did the impossible and lowered unemployment to a mear 6.3 million people.