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Trump Lauds Job Statistics He Once Impugned – Ep. 234

  • I guess you could say a good jobs report is all in the eye of the beholder
  • And when it comes to President Trump’s eyes, he is now beholding an excellent jobs report
  • Whereas a candidate, similar reports were described by Trump as phony, a hoax
  • I have a lot more sympathy for Candidate Trump than I do for President Trump
  • Now President Trump is trying to pretend that the jobs numbers that he used to be so critical of
  • Are now reflecting what a great job he is doing as President
  • When there’s really no difference between the metrics of this job report and the ones we got under Obama
  • With probably one exception
  • And that is in the number we got is better than expected, though not as good as some had hoped, given the very strong ADP number we got earlier
  • We got a surge in manufacturing jobs there was also a bump in construction jobs
  • But I am very suspicious of the manufacturing jobs
  • I know a lot of American manufacturers are really trying to curry favor with Donald Trump early in his Presidency
  • And this could all be some Trump-related window dressing
  • This is a long trend of hemorrhaging manufacturing jobs
  • And I don’t think this one blip necessarily means that trend has changed
  • I wouldn’t get too excited; it is a good thing to be creating goods-producing jobs, manufacturing jobs
  • I’m not criticizing that
  • But the question is, is it sustainable, is it real, or is it simply some smoke and mirrors
  • Orchestrated selectively to make Trump look better early on
  • So certain companies can get what they want from Trump when it comes to tax reform, or other issues where these companies may have a vested interest
  • Let me go over the actual February Non-Farm Payroll numbers:
  • The consensus was 200,000 jobs; 227,000 was the number created in January
  • Most of that was prior to Trump becoming President, though subsequent to his election
  • So we did 227,000 jobs in January and they actually revised that up to 238,000 jobs
  • We did 235,000 in February, so actually slightly less, at least based on the initial estimate of jobs created in the prior month
  • Unemployment rate did fall slightly from 4.8% to 4.7% and labor force participation inched up from 62.9% to 63% as more Americans re-enter the labor force
  • Average hourly earnings, though, which were expected to rise .3% only rose .2%
  • But they did revise the prior month from .1% .2%
  • So I guess that was about a push
  • .2% is not much of an increase in wages, especially when prices are rising 2-3 times as fast
  • Remember January CPI was up .6 – triple the rate that wages are up
  • The average work week remained the same at 34.4%
  • As I said, what was a little bit different, though was the complexion of the jobs
  • We did create jobs in manufacturing, for a change