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January Jobs Report – “Soaring Past Expectations”

February 01, 2019

The News: The United States economy added 304,000 jobs in the first month of 2019.  As Rep. Kevin Brady (R-TX), the top Republican on the House Ways and Means Committee, said:

“While Democrats continue to debate how high they are willing to tax families, the GOP Tax Cuts keep paying real, measurable dividends for American workers and small businesses.”

The headlines: Here’s what the papers are reporting:

The Details: In addition to hundreds of thousands of people gaining jobs:

  • The U.S. economy has added jobs for 100 months straight now.
  • For 2018, the U.S. added 223,000 jobs per month on average.
  • Average worker’s hourly earnings since January 2018 have increased to 3.2 percent, with the Washington Post calling it a “solid growth rate.”
  • The Labor Force Participation Rate is at its highest point since fall of 2013.
  • Manufacturing added 13,000 jobs – as Chad Moutray, chief economist for the National Association of Manufacturers put it: “This report shows that manufacturers are keeping their promise to hire more workers and raise wages in the wake of tax and regulatory reform.”

Simply Put: As President Trump said: “JOBS, JOBS, JOBS!”