January Jobs Report – “Soaring Past Expectations”
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:
- “SOARING” – Fox Business: US employers added 304,000 jobs in January, soaring past expectations
- “BOOMING” – USA Today: Employers add booming 304,000 jobs in January, marking 100th straight month of employment gains
- “BLOWOUT” – Market Watch: ‘Blowout’ jobs report further evidence of strong growth, economists say
- “SURGE” – CNBC: Payrolls surge by 304,000, smashing estimates despite government shutdown
- “100TH STRAIGHT MONTH” – Wall Street Journal: Economy Notches 100th Straight Month of Increased Employment
- “JOB GROWTH JUMPS” – Reuters: U.S. job growth jumps; unemployment rate rises to 4.0 percent
- “ROBUST” – AP: US employers add robust 304K jobs; joblessness up to 4 pct.
- “DEFYING EXPECTATIONS” – National Review: Economy Adds 300,000 Jobs in January Despite Shutdown, Defying Expectations
- “SMASHES EXPECTATIONS” – Axios: U.S. economy smashes expectations, creating 304,000 jobs in January
- “BOOMED” – CNN: Hiring boomed in January
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!”