Construction jobs swell by the most in 11 years
President Donald Trump has received a huge boost for his economic agenda with the news that the U.S. created 298,000 new jobs after his first full month in office, shattering expectations by a margin of over 100,000.
The total blasted through market expectations that around 190,000 new jobs would be created.
“The report encompassed the first full month under President Donald Trump, who has pledged to rebuild the nation’s aging infrastructure system,” reports CNBC.
The numbers bode well for President Trump’s agenda of economic nationalism and his vow to reverse the ravages of globalism by bringing jobs back home.
The breakdown of the numbers is significant because it shows that the U.S. is becoming less dependent on service sector jobs as Trump tries to provide new incentives for companies to take on more construction and manufacturing workers.
Goods producers added 106,000 of the new jobs, with construction jobs swelling by 66,000 – the most in 11 years – and manufacturing jobs by 32,000.
Claims for unemployment benefits are also at the lowest for 44 years, suggesting employers are confident about the future.
“Companies employing 500 or more workers increased staffing by 72,000 jobs; payrolls rose by 122,000 at medium-sized businesses, or those with 50 to 499 employees, the most in three years; while small companies’ payrolls gained 104,000, an eight-month high,” reports Bloomberg.