Coronavirus or no coronavirus, President Trump’s economy weathered the storm in February and remained strong, as proven by data released by the Labor Department on Friday, showing the nation added 273,000 new jobs in February and the unemployment rate was an astonishingly low 3.5%, the lowest level in over 50 years.
CNBC noted, “The January and February gains tied for best month since May 2018. Economists surveyed by Dow Jones had been looking for payroll growth of 175,000 and a 3.5% jobless level.”
Not only was February cause for cheering, the previous two months were even beteer than had been surmised, as the number of jobs added in December was re-estimated from 147,000 to 184,000, and January soared from 225,000 to 273,000. Average hourly earnings grew by 3% over the past year.
Various sectors of the economy reported great gains in February; health care and social assistance: up 57,000 jobs; food services and drinking places: up 53,000 apiece; government employment: up 45,000; construction: up 42,000; professional and technical services: up 32,000; finance: up 26,000.
CNBC stated, “In the survey of households, employment rose by 126,000 while the ranks of the unemployed decreased by 105,000.”
The Washington Examiner reported in early February, “For the first time in its history, the Gallup ‘Mood of the Nation’ economic survey found that 59% of people believe that they are ‘better off,’ a trend that has soared under Trump. It is higher than when President Ronald Reagan made his economy a campaign rallying cry and better than the so-called dot-com bubble under President Bill Clinton. The survey follows several others that have showed public satisfaction with the economy. Just yesterday, Gallup reported a 63% satisfaction with the president’s handling of the economy, and calling it, ‘The highest economic approval rating not only for Trump, but for any president since George W. Bush enjoyed stratospheric job approval ratings in the first few months after the Sept. 11, 2001, terrorist attacks.’”
At the beginning of January, Dr. Peter Navarro, Director of the Office of Trade and Manufacturing Policy (OTMP), stated:
I am bullish and the reason why I’m bullish is because of the underlying strength of the GDP growth engine. It’s one of the four things that drive this economy: consumption, investment, government spending, and exports. Every one of those under President Donald J. Trump is hitting on all cylinders. You know, the consumer low unemployment, rising wages, high optimism, that’s going to be the anchor of 2020, but we also have five trade deals that are going to kick in and force in 2020 with Japan, South Korea, Canada, Mexico, and China.”
Liz Ann Sonders, chief investment strategist at Charles Schwab, stated, “Now more than ever, we need to focus on the labor market data. The consumer has kind of kept things afloat.” She also warned, “If we start to handle things the way they’re handled in Italy and South Korea, closing schools and having mandated cancellations of travel and sporting events, I think there’s no way we don’t start to see it in the labor market and in consumer confidence and spending.”