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February’s Strong Jobs Report Is Another Sign Of A Resurgent Economy

February’s Strong Jobs Report Is Another Sign Of A Resurgent Economy

The announcement of 313,000 new jobs in February adds to recent reports of rising wages, soaring optimism, and a revived American economy.

THE WASHINGTON POST: The Economy Added 313,000 Jobs in February, Beating Expectations

“The U.S. economy added 313,000 jobs in February, beating expectations, according to Friday’s employment report from the Bureau of Labor Statistics. The unemployment rate held steady for the fifth straight month at 4.1 percent, an 18-year low. Average hourly pay grew by 2.6 percent from this time last year…. These numbers build on a strong two months for the country, which saw 200,000 new jobs in January, per government figures.”

THE WALL STREET JOURNAL: Wages Rising at Small Firms

“With many Americans still sitting on the economic sidelines, workers are increasingly earning raises from small businesses that can’t find qualified applicants for all the available positions. That’s the message of the latest National Federation of Independent Business jobs report, due out later today. The February survey of owners of small firms finds solid job creation, and historically high numbers of businesses lifting wages to attract and keep talent. Survey respondents reported a seasonally adjusted average employment increase per firm of 0.22 workers…. As business owners continue to seek new workers, the NFIB finds hiring plans strongest in construction, manufacturing, transportation and communication.”

BLOOMBERG: U.S. Consumer Confidence Is at 17-Year High

“U.S. consumer confidence jumped to a 17-year high as optimism about employment prospects grew and Americans began seeing additional money in their paychecks from recently enacted tax cuts, data from the New York-based Conference Board showed Tuesday…. The report reflects increased confidence in employment and incomes, which could support consumer spending. The labor differential, which measures the gap between respondents saying jobs are plentiful and those who say they’re hard to get, rose to 24.7 percentage points, the highest since 2001.”

FOX BUSINESS: US Oil Production Will Lead World by 2023: IEA

“America is on its way to becoming the largest oil producer in the world. The nation will surpass Russia, the current No. 1, by 2023, the International Energy Agency estimated on Monday. U.S. crude production is projected to hit a record of 12.1 million barrels a day in 2023, which would reflect an increase of roughly 2 million barrels compared with this year. Russia pumps about 11 million barrels of oil each day.”

THE WALL STREET JOURNAL: Fresh Evidence of Flaring Wage Growth Appeared in Fed’s Beige Book

“Employers across the U.S. said wage growth picked up since the beginning of the year, according to a Federal Reserve report released Wednesday, signaling the tight labor market may be forcing employers to beef up paychecks to compete for workers. In many of the Fed’s 12 regional districts, wage growth picked up to a moderate pace, the Fed reported in its latest roundup of anecdotal information about regional economic conditions known as the beige book.”

MARKETWATCH: ISM Manufacturing Gauge Hits 13-Year High in February

“The Institute for Supply Management said its manufacturing index rose to 60.8% in February, up from 59.1% in January, to reach the highest level since May 2004. Economists polled by MarketWatch had expected a reading of 59%. Any reading above 50% indicates improving conditions.”

BLOOMBERG: Real Disposable Incomes in U.S. Increase Most Since 2015

“Americans’ wallets fattened in January on recent tax cuts, indicating increased spending power may boost the economy this quarter. Real disposable income, or earnings adjusted for taxes and inflation, advanced 0.6 percent from the prior month, the biggest gain since April 2015, according to a Commerce Department report Thursday.”

MARKETWATCH: Labor Market ‘Red Hot’ as ADP Says 235,000 Private-Sector Jobs Added in February

“Private-sector employment remained robust in February, as employers added 235,000 jobs, Automatic Data Processing Inc. reported Wednesday. Economists had expected an increase of 205,000 private-sector jobs, compared with the initial January gain of 234,000. That was increased by 10,000 in the latest data. February is the fourth month in a row where job gains were 200,000 or higher.”

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seen at 17:04, 9 March in Whitehouse Press Briefings. Email this to a friend.
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