With this report the private sector will be celebrating an unprecedented 72 straight months of job growth.
What makes this jobs report so spectacular is that Wall Street only expected Nonfarm payrolls to come in around 195,000. If you're counting (and we are!) hat's 47,000 more jobs than was anticipated. We'll take it!
President Obama told reporters at the White House.
“Our businesses have created jobs every single month since I signed that ‘job killing’ Obamacare bill,” for a total of 14.3 million private sector jobs."
Then the President took a direct shot at Republican frontrunner Donald Trump’s ridiculously idiotic slogan that implies the nation isn’t already doing well saying...
“I think it’s useful, given that there seems to be an alternative reality out there, from some of the political folks, that America’s down in the dumps. It’s not. America is pretty darn great right now, and making strides right now.”
Here's how the Jobs Report the President was talking about breaks down...
- Total nonfarm payroll employment increased by 242,000 in February.
- In February, the unemployment rate held at 4.9 percent, and the number of unemployed persons remained unchanged.
- Over the year, the unemployment rate and the number of unemployed persons were down by 0.6 percentage points.
- In February, 1.8 million persons were marginally attached to the labor force, down by 356,000 from a year earlier.
- Among the marginally attached, there were 599,000 discouraged workers in February, down by 133,000 from a year earlier.
- Health care and social assistance added 57,000 jobs in February.
- Retail trade continued to add jobs in February (+55,000). Employment rose in food and beverage stores (+15,000) and other general merchandise stores (+13,000).
- Retail trade has added 339,000 jobs over the past 12 months.
- Food services and drinking places added 40,000 jobs in February. Over the year, employment in the industry has grown by 359,000.
- Employment in private educational services rose by 28,000 in February, after edging down by 20,000 in the prior month.
- Construction employment continued to trend up in February (+19,000), with a gain of 14,000 in residential specialty trade contractors. Employment in construction was up by 253,000 over the past 12 months, with residential specialty trade contractors accounting for about half of the increase.
- Employment in mining continued to decline in February. Since a recent peak in September 2014, mining has shed 171,000 jobs, with more than three-fourths of the loss in support activities for mining.
- In February, average hourly earnings for all employees on private nonfarm payrolls declined by 3 cents to $25.35, following an increase of 12 cents in January. Average hourly earnings have risen by 2.2 percent over the year.
- As an added bonus the change in total nonfarm payroll employment for December was revised from +262,000 to +271,000, and the change for January was revised from +151,000 to +172,000. With these revisions, employment gains in December and January combined were 30,000 more than previously reported.
- Over the past 3 months, job gains have averaged 228,000 per month.
Here are some economic analyst take on this months report...
Thomas E. Perez, the secretary of labor, underscored the point.
“There’s an undeniable Eeyore caucus out there of fear-mongers and fact-deniers who want people to believe there is no job creation.”
Carl Tannenbaum, chief economist at Northern Trust said...
“We’ve got a real strong job market going. It does suggest that fears about a U.S. recession have been greatly overdone.”
Jack Kramer, co-founder of MarketSnacks says...
"If you read the front page of newspapers today, you'd think the economy is crumbling. Things are much better than those headlines would make you think."
Neera Tanden, president of the left-leaning Center for American Progress.
“Why do we have this persistent gloom about the economy, when you have below-average unemployment rates?. It is really a product of anxiety about what we call the middle-class squeeze, the ability of your income and wages to keep up with the staples of a middle-class life.”
Beth Ann Bovino, chief United States economist at Standard & Poor’s, was upbeat about the economy’s prospects this year.
“We’re back in the saddle again." (*If you go to an Aerosmith quote to describe the economy it's most likely gonna be awesome!).