Ever since President Donald Trump took office, approximately 3 million U.S. jobs have been created. In February alone, nearly 313,000 new jobs were added, beating original estimates by over 100,000.
As reported by Breitbart, White House Press Secretary Sarah Sanders announced the latest job statistics during a Friday press conference. The impressive figures were followed by Huckabee crediting the recent tax cuts and Trump’s ongoing agenda to decrease business regulation.
“The federal government is getting out of the way, and the American people are innovating, building, and creating jobs,” noted the press secretary.
The uptick in U.S. job numbers is welcome news to both Wall Street and the average American worker. An increase in jobs is generally a sign the economy is going in a positive direction. The February job growth numbers represent the most significant one-month gain since summer 2016.
“I love it,” said Ellen Zentner, chief United States economist at Morgan Stanley, as cited by the New York Times. “We were able to create enough jobs to accommodate new seekers and keep the unemployment rate steady.”
A sizable number of jobs were added in several sectors of the U.S. economy. An additional 31,000 employment positions were created in manufacturing, significantly more than January’s figure. Over the past four months, construction produced 185,000 new jobs, with 61,000 of those created in February alone. Retail increased by 50,000 and financial services went up by 28,000.
The current unemployment rate is holding steady at 4.1 percent, the lowest in 17 years. The underemployment rate, a measure of people who are either working part-time or wanting a job but not looking, also remained at 8.2 percent. Over the past 12 months, wages increased 2.6 percent, a figure higher than the year before.
Shortly after the U.S. job growth figures were released, the stock market surged on the news, taking the Dow Jones Industrial 375 points higher. Since Trump took office, the Dow has increased nearly 31 percent.
While the growth in jobs and the stock market look promising, many economists are still wondering how the tariffs on steel and aluminum imports announced recently by President Trump will affect future opportunities. Many financial experts are taking a wait-and-see attitude as countries such as Mexico and Canada scramble and react to how the new import taxes will be enforced and their overall effect on foreign trade.