The US economy continues to roar to life under President Trump and the Republican-controlled Congress, with new data showing job growth smashed expectations and added over 230,000 positions in February alone.
According to CNBC, private-sector employment exceeded industry expectations of an already-healthy figure of 195,000 jobs; making February the fourth consecutive month that passed the 200,000 or higher mark.
“The job market is red hot and threatens to overheat,” said a chief economist at Moody’s. “With government spending increases and tax cuts, growth is set to accelerate.”
More surprisingly, employment in private-sector construction rose by over 20,000 in just one month, signaling a healthy boost for the American housing market and real estate.
“In terms of business size, the gains again were spread: Medium-sized firms (50-499 employees) led with 97,000. Large businesses and small firms contributed 70,000 and 68,000 respectively,” writes CNBC.
The strong economic data comes as large companies -such as AT&T, Walmart, Disney, Starbucks, FedEx, American Airlines, and others- announced higher wages, big bonuses, and expanded benefits after President Trump signed the sweeping tax overhaul into law last year.
GREAT AGAIN: $2 TRILLION Added to US Economy Under President Trump
The United States Stock Market has added over $2 trillion to the American economy since President Trump won the 2016 presidential election; smashing expectations and further signaling a robust recovery following years of stagnant growth under Barack Obama.
According to CNBC, the S&P 500 stock index grew by $2.04 trillion since Donald Trump defeated Hillary Clinton last November; soaring after the election on renewed hopes of significant tax reform and the reduction of burdensome regulations imposed by Trump’s predecessor.
The largest gains were seen in information technology, financial services, healthcare, and materials.
President Trump now sets his sights on reforming the nation’s complicated and outdated tax code, a key campaign promise to deliver tax relief to millions of American families and businesses.
“People are in wait-and-see mode in terms of tax reform. We get a bit of a pop every time it gets mentioned, but I think the market is in a bit of disbelief,” said one market strategist.
Analysts also credit President Trump’s pledge to rebuild the American military with the massive rise in stocks associated with Defense contracts, reporting some businesses have seen growth of 30% since the US election last fall.
GREAT AGAIN: American Jobless Claims PLUMMET to 45 YEAR LOW
The US economy continues to soar under President Trump and the Republican-controlled Congress, with jobless claims dropping to just 221,000 in the first days of February; the lowest figures seen since March of 1973.
The 45-year-low signals the American recovery is in full-swing following years of low GDP growth and stagnant wages. Economists cite the recent gains as a direct result of a strong job growth and the President’s recently signed overhaul of the nation’s overly complicated tax system.
According to MarketWatch, the stunning numbers are a result of “big declines” in unemployment claims in Missouri, California, and New York; a result of 200,000 new private payroll jobs in January and an unemployment rate hovering at just 4.1%.
“Even better, the long-awaited uptick in worker wages might be in the offing. The yearly increase in hourly pay rose to a nine-year high of 2.9%,” MarketWatch adds.
The rosy economic outlook comes as major American corporations -such as AT&T, Walmart, Disney, Starbucks, American Airlines, Home Depot, FedEx, UPS, Visa, and others- announced their plans to raise wages, expand benefits, and pay out big bonuses in the wake of the GOP-led tax cuts late last-year.