Washington: Gains in the construction and manufacturing sector saw addition of 235,000 jobs to the US economy and while there are those who attribute it to the overall better scenario of the US economy, Trump fans are adamant that it is because of the Trump effect as the new US president completed his first full month in office.
The inclusion of 235,000 jobs effectively paves the way for the Federal Reserve to raise its benchmark interest rate when it meets next week. The increase in jobs boosts confidence that the new Trump administration may have started to deliver on its promise – creation of new jobs.
“Nonfarm payroll employment rose by 235,000 in February, and the unemployment rate changed little at 4.7 per cent. Job gains occurred in construction, private educational services, manufacturing, health care, and mining,” Willian J Wiatrowski, Acting Commissioner Bureau of Labor Statistics, said in a statement.
February’s warm weather may have also played a part in the overall economic momentum and optimism with almost a quarter of the jobs about 58,000 coming from construction alone. There was increase of 28,000 jobs in the manufacturing sector, 9,000 in food manufacturing, and 7,000 jobs in machinery, while transportation equipment lost 6,000 jobs. Manufacturing has added 57,000 jobs since November, the report said.
Ways and Means Committee Chairman Kevin Brady described this as a great report. The Committee on Ways and Means is the chief tax-writing committee of the United States House of Representatives.
“The fact that hundreds of thousands more people found new jobs last month is a good sign that our economy is moving in the right direction,” he said.
“While we still have much more work to do, I’m optimistic that the actions that President Trump and House Republicans are taking will add to this momentum?creating more jobs, growing families’ paychecks, and improving the lives of all Americans,” Brady said.
“Not a bad way to start day 50 of this administration,” White House Press Secretary Sean Spicer said. “Great news for American workers: economy added 235,000 new jobs, unemployment rate drops to 4.7 per cent in first report for @POTUS Trump,” he tweeted.