Job creation remains on a tear this year, with 235,000 jobs created in February on top of 238,000 that were lodged in January, the Labor Department announced Friday. The unemployment rate dropped to 4.7 percent.
Is this due to President Trump? Who can say for sure. But with the constant stream of signals from the White House that taxes on business are going down and regulations are going away, it’s fair to speculate that Trump has a lot to do with it.
Not to mention the added benefit of the departure of the business-unfriendly Barack Obama.
One particularly encouraging aspect of the new job numbers is hourly earnings, which rose 2.8 percent from a year ago. The Obama economy had done poorly raising incomes, but now, it seems, earnings are making a comeback.
And the labor force participation rate is rising from its historic lows under Obama. Among working-age people, 78.3 percent were on the job in February, the highest percentage since October 2008.
Job growth was particularly strong in construction, with manufacturing – part of Trump’s core constituency – also making gains.