Trump's first full month in office brings massive employment boom as U.S. companies added whopping 298,000 new jobs in February, providing the first hard economic numbers from Donald Trump's first full month as president.
•
New job figures from ADP beat economists' estimates by more than 100,000
•
Official February numbers will be out on Friday and are expected to lower the
unemployment rate to 4.7 per cent
• Trump
tweeted that January and February 'were the strongest consecutive months for hiring
since August and September 2015'
• That
language came from a similar report compiled by LinkedIn
The report from ADP, a global human resources and payroll
firm, provides the first hard economic numbers from Donald Trump's first full
month as president.
Trump wrote Wednesday on Twitter about another similar
measure, citing numbers from a new LinkedIn workforce report that showed strong
job-adding numbers from January and February.
Those months 'were the strongest consecutive months for
hiring since August and September 2015,' the president tweeted, mirroring the
report's language.
Construction jobs increased by 66,000 in February, and
the manufacturing sector added 32,000.
Trump has pledged to dramatically improve the U.S.
employment market in those sectors as he tries to lure businesses from overseas
and stop jobs from fleeing across the border.
He has also promised $1 trillion in new infrastructure
spending, another measure calculated to add jobs.
'February proved to be an incredibly strong month for
employment with increases we have not seen in years,' Ahu Yildirmaz, vice
president of the ADP Research Institute, said in a statement.
January's new-jobs numbers were also revised upward on
Wednesday from 246,000 to 261,000.
'Confidence is playing a large role,' Mark Zandi, chief
economist of Moody's Analytics, told CNBC.
'Businesses are anticipating a lot of good stuff – tax
cuts, less regulation. They are hiring more aggressively.'
The official U.S. unemployment rate is expected to shift
downward from 4.8 per cent to 4.7 per cent, in response to the official jobs
numbers report, due Friday.
