Optimistic attitudes have undoubtedly caused recent job creation but how long will it continue under Republicans?
Not only was job creation relatively strong in February, but the nation added 3.5 times as many jobs in manufacturing as it did in government.
CNS News reports,
The United States added 28,000 jobs in manufacturing in February and 8,000 in government, according to numbers released today by the Bureau of Labor Statistics.
So far in 2017 (January and February), the U.S. has gained 39,000 manufacturing jobs and 25,000 government jobs.
Nonetheless, in February, government jobs in the United States outnumbered manufacturing jobs by 9,942,000.
That is down from the 9,956,000 margin that government jobs had over manufacturing jobs in December 2016, according to the BLS numbers.
That’s a great improvement, though I long for the day when we will see the government start reducing the number of employees. Newt Gingrich commented on these job numbers:
I have been skeptical of some of the economic good news because I think the damage done by Barack Obama is going to eventually be felt. However, even Mike “Mish” Shedlock, who is usually negative, wrote that “Today’s employment report shows a robust increase of 235,000 jobs. And for the first time in many months, the rest of the report was good as well.”
He did add some caveats:
It’s important to put the jobs numbers into proper perspective.
In the household survey, if you work as little as 1 hour a week, even selling trinkets on eBay, you aore considered employed.
In the household survey, if you work three part-time jobs, 12 hours each, the BLS considers you a full-time employee.
In the payroll survey, three part-time jobs count as three jobs. The BLS attempts to factor this in, but they do not weed out duplicate Social Security numbers. The potential for double-counting jobs in the payroll survey is large.
If you work one hour, you are employed. If you don’t have a job and fail to look for one, you are not considered unemployed, rather, you drop out of the labor force.
Looking for jobs on Monster does not count as “looking for a job”. You need an actual interview or send out a resume.
These distortions artificially lower the unemployment rate, artificially boost full-time employment, and artificially increase the payroll jobs report every month.
So, though the picture is improving, you should keep in mind that these job reports are designed to hide bad news.
In the meantime, we are still waiting for tax cuts from Congress. I wrote earlier:
When Barack Obama won office from voters, he gave them Obamacare. He didn’t delay his promise and the Democrats did not wait for Republicans to join him. They passed the disastrous law and have been promoting it as it led from disaster to disaster.
Why do Democrat voters get to elect fighters but Republican voters only get to elect cowards?
Perhaps my words were too harsh. But voters obviously chose Trump, and other Republicans with him, because he promised to fight for their interests. If the economic good news is mostly driven by confidence in the new Administration, then the consequences of a loss of faith in Trump’s ability to bring tax relief could have devastating consequences.