X

Trump Crows After Release of Strong Jobs Report

'Great again,' he retweets
By Newser Editors and Wire Services
Posted Mar 10, 2017 7:45 AM CST
Updated Mar 10, 2017 8:48 AM CST

(Newser) – The odds of a rate hike by the Fed next week just went up even more: The Labor Department released another solid unemployment report Friday morning. US employers added 235,000 jobs in February, more than expected, and the unemployment rate dropped from 4.8% to 4.7%, reports MarketWatch. The report is the first to reflect a full month under President Trump, and he quickly took notice by retweeting a Drudge Report headline declaring "GREAT AGAIN: +235,000."

story continues below

Construction provided the main boost for the jobs increase, accounting for 58,000 of the new hires, notes a post at the Wall Street Journal. The report also showed that average hourly pay rose 2.8% compared to last February, which the AP characterizes as decent but below a benchmark increase of 3.5% that would typically be seen in a healthy economy. If anything gives the Fed pause in terms of its approach for the rest of the year, it would be this "somewhat sluggish" stat, notes the Journal. A rate hike by the Fed, which meets Tuesday and Wednesday, would be the third in 15 months. One analyst at investment banking firm Jeffries thinks it's a done deal: "We have a date with a rate hike," he tells CNBC in the wake of the report. "This is pure muscle across the board." (Read more unemployment stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
X