The US stock market “surged” Friday following a “blowout jobs report” that showed massive hiring, wage increases, and the largest expansion of the US manufacturing sector in over 20 years.
“The Dow Jones Industrial Average traded 726 points higher, or 3.2 percent, and briefly rose more than 800 points. The S&P 500 rallied 3.28 percent, with the tech sector gaining more than 4 percent. The Nasdaq Composite climbed 4.3 percent. This was a rebound from Thursday’s plunge, which was triggered by a massive drop in Apple’s stock,” writes CNBC.
The strong economic data also showed Hispanic unemployment reaching the lowest level in US history Friday.
The market rebound comes as Democrats took control of the House of Representatives this week; vowing to repeal the GOP-sponsored tax cuts and propose massive government expansion in the weeks ahead.
Read the full report at CNBC.
BUILDING BOOM: US Construction Industry 'BOOMING,' 273K+ Available Jobs
The United States’ construction industry is “booming” under President Trump and the Republican-controlled Congress, with new data showing the market rapidly expanding with “plenty of available jobs” for American workers.
According to Market Watch, “One of the brightest spots in recent employment reports has been construction hiring.”
“Employers added a net new 23,000 construction jobs in September, the Labor Department said Friday, and the number of people working in the industry was 315,000 higher compared to a year earlier,” adds the industry website.
Construction jobs up 214k year-to-date, up more than 300k compared to Sep2017. We are in the midst of the 2nd strongest 5yr growth period for constr jobs ever recorded. added 1.4mil jobs Sep'13-Sep'18 vs 1.5mil for 5yrs 1996-2000.https://t.co/Tym0oMlfr3
— Ed Z (@EdZarenski) October 5, 2018
The report adds there remains a healthy stock of “construction jobs open” in recent weeks; adding there were 273,000 “positions” on the employment market at the end of July.
“The construction industry added workers and increased pay in the past year at rates higher than the overall economy,” added an industry insider. “However, the pool of unemployed workers with construction experience has nearly evaporated.”
Read the full report here.
DEVELOPING: US Manufacturing Posts BIGGEST JOB GAINS in 20 Years, Dow UP 750+
The United States economy continued to roar to life under President Trump towards the end of 2018; with new data showing the US manufacturing sector posting the biggest job gains in 20 years as the Dow soars over 750 points at mid-day trading.
“The manufacturing industry posted net job gains of 284,000 over 2018, capping its best calendar year since 1997,” writes CNBC. “Most of the gains occurred in blue-collar durable goods manufacturing, with growth in fabricated metals and computer and electronic products, the Labor Department said in its release.”
“Manufacturers are bringing people back into the workforce, and we need this trend to continue,” said one industry insider. “Our industry currently faces a workforce crisis with more than half a million open jobs today, and 2.4 million jobs expected to go unfilled over the next decade.”
Read the full report at CNBC.