The American economy continued to roar in January, with private payroll growing by a whopping 234,000 jobs; smashing earlier estimates and showing further signs the ‘Trump Bump’ is adding rocket-fuel to an already robust economy.
According to CNBC, the United States job market added over 230,000 full-time employees, beating previous expectations that placed job growth at 185,000. The revised data signals a strong start to 2018 with unemployment claims at record lows and wages rising for the first time in decades.
“Job creation was concentrated largely in service-related industries, which contributed 212,000 to the total,” writes CNBC.
“Within that sector some of the better-paying industries showed solid gains: Trade, transportation and utilities led with 51,000, education and health services added 47,000 and professional and businesses services contributed 46,000. Leisure and hospitality services also grew by 46,000,” the site adds.
“The job market juggernaut marches on,” said a chief economist at Moody’s. “Given the strong January job gain, 2018 is on track to be the eighth consecutive year in which the economy creates over 2 million jobs. If it falls short, it is likely because businesses can’t find workers to fill all the open job positions.”