Under Trump, Economy is Booming with 312,000 New Jobs in December
January 4, 2019
[Madison, WI] – The U.S. economy is surging under President Donald Trump with the addition of 312,000 new jobs in December and wages jumping 3.2 percent. The year-over-year wage increase is at its fastest pace since 2009. Today’s news – which is being hailed as a ‘Jobs Blowout’ – marks yet another sign that Republican reforms in Washington are driving growth and putting people back to work across the country.
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U.S. Payrolls Rise 312,000, Wages Accelerate in Jobs Blowout
January 4, 2019
U.S. employers added the most workers in 10 months as wage gains accelerated and labor-force participation jumped…
Nonfarm payrolls increased by 312,000 in December, easily topping all forecasts, after an upwardly revised 176,000 gain the prior month, a Labor Department report showed Friday. Average hourly earnings rose 3.2 percent from a year earlier, more than projected and matching the fastest pace since 2009. Meanwhile, the jobless rate rose from a five-decade low to 3.9 percent, reflecting more people actively seeking work.
The figures brought the 2018 payrolls gain to 2.64 million, up from 2.19 million in 2017. Economists have expected the pace of gains to ease this year, consistent with their forecasts that gross domestic product growth will moderate amid the trade war and a fading boost from the Trump administration’s tax cuts. Even so, President Donald Trump is likely to cheer the results as evidence that his policies are still boosting the economy, rather than dragging it down.
The labor strength spanned most industries, including the biggest gain in construction since February, and the most manufacturing jobs added in a year. Private service providers boosted payrolls by 227,000, the most in more than a year, amid gains in education and health services, leisure and hospitality, and retail.
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