Remember when, before the election, everyone said the economy would crash and everything would fall into chaos if Donald Trump were elected?
Well, the opposite has occurred — President Trump is exceeding everyone’s economic expectations.
Experts surveyed by Reuters had initially been expecting a small payroll growth of 185,000 and the headline jobless rate to tick up one-tenth to 4.6 percent in April.
However, job creation under the Trump administration bounced back from an average March, with nonfarm payrolls growing by 211,000 whereas the unemployment rate fell to 4.4 percent, its lowest since May 2007.
Wages grew seven cents an hour to an annualized pace of 2.5 percent.
The unemployment rate dropped even as the labor force participation rate edged lower to 62.9 percent. The employment-to-population ratio increased to 60.2 percent, its best showing of 2017 and the highest level since February 2009.
“This just adds to the perception that it’s going to be easier and easier to find a job if you want one these days,” said Brian Coulton, chief economist at Fitch Ratings. “It’s job security that causes people to ask for wage rises. If it’s easier for them to get a job outside their company, they’re more likely to push for higher wages.”
An alternative reading on the unemployment rate that includes those not actively looking for jobs as well as those working part-time for economic reasons dropped to 8.6 percent from 8.9 percent in March, the best reading since November 2007. Those counted as not in the labor force swelled to 94.4 million but that was countered by an increase of 156,000 counted as employed, according to the household survey.
Job growth was concentrated in lower-paying areas, with leisure and hospitality adding 55,000 positions. Health care and social assistance rose 37,000, financial activities grew by 19,000 and professional and business services grew by 39,000. Government payrolls increased by 17,000 and mining rose 9,000.
SHARE on Facebook and Twitter if you’re loving President Trump’s progress!