According to Wall Street, firms across the United States added 241,000 workers from February to March and it’s the strongest jobs increase in the last three years.
The data was released by the Automatic Data Processing Inc., Moody’s Analytics and payroll processor.
‘Job market is rip-roaring.’ – Mark Zandi, the chief economist at Moody’s Analytics stated. ‘Monthly job growth remains firmly over 200,000, double the pace of labor force growth. The tight labor market continues to tighten.’
And mid-sized companies with 50-499 employees added 127,000 workers in the month, ‘nearly half of all jobs this month, the best growth this segment has seen since the fall of 2014,’ Zandi said.
In a press conference call with reporters, Zandi said that the emerging trade fight with China should have only a small impact on growth and jobs unless it escalates significantly.
‘So far, at least, this is relatively minor,’ Zandi said. ‘It’s going to take a lot to derail this economy.’
Moody’s chief economist Mark Zandi expects that the hiring will remain strong enough over the next 12 months to lower the unemployment rate, already at a 17-year low of 4.1 percent, to as low as 3.5 percent.
The news came on the same day when the Census Bureau announced that new manufacturing goods orders rose by $6.0 billion, or 1.2 percent, in February.
The Institute for Supply Management (ISM) in February released data showing that U.S. manufacturing increased at it’s fastest pace in 14 years.
This is the result of President Donald Trump’s efforts to push the manufacturing growth as part of his ‘America First’ agenda. The National Association of Manufacturers (NAM) appeared to credit the President’s massive tax reform package, signed at the end of 2017, for the industry’s growth.
‘The enactment of historic tax reform significant regulatory relief and the overall shift to a more pro-business environment under the current political leadership in Congress and the White House is clearly resulting in tangible benefits for manufacturers and manufacturing workers,’ NAM’s Chief Economist Dr. Chad Moutray, said.
‘The U.S. labor market is in excellent shape in early 2018. With the economic expansion set to become the second-longest in US history, approaching nine years, the job market has fully recovered from the Great Recession,’ PNC’s chief economist Gus Faucher said in an interview with CNBC.
On Monday, however, the Institute for Supply Management reportedly said new orders slightly declined in March but the industry, as a whole, continued growing.
So, keep up with the good work Mr. President.