President Trump is off to the best start ever.
The February Jobs Report was Phenomenal. We saw a huge jump in both full-time jobs and part-time jobs this February. It was thought that the non-seasonally adjusted (NSA) Current Employment Statistics (CES) worker data could surge. It was though, based on the worker surge that we would see a jump in NSA Current Population Survey (CPS) Jobs. The February Jobs Forecast Article was expecting comparable job creation to February 2017. The February Jobs Report exceeded expectations. We recorded the largest February jump in the NSA CES private sector worker number since 1980. This column has written numerous articles comparing President Obama to his predecessors in the "Four Presidents at __ Months" series. Now we are comparing President Trump to President Reagan, President Clinton, President George W. Bush and President Obama int e "Five Presidents at __ Months" series. So how is President Trump doing?
President Trump has added more full-time jobs than any of his predecessors after thirteen months in office. President Trump's job creation will start to be compared with President Clinton's. The thing is that President Trump has added 3.386 million full-time jobs during his first thirteen months. President Clinton 3.168 million part-time jobs. President Trump has added 491,000 part-time jobs. President Clinton added 307,000 full-time jobs. Jobs matter.
There are one million fewer unemployed workers now than when President Trump took office. President Clinton was able to cut his unemployment level by 896,000 workers. Everything is relative. The workforce population while President Clinton was in office was 196,000,000. This February it is 246,000,000. President Clinton added just over 500,000 total jobs during February 1994. This month that number was 1.556 million NSA CPS jobs.
President Trump and President Clinton are the only Presidents of the five with higher participation rates after thirteen months in office. President Obama was the only President to end with a lower participation rate than when he took office. President Trump had a lower participation rate with which to work than President Reagan. President Trump would do well to increase participation to the level that President Reagan had. This is a statistic that this column will be monitoring.
This was the best February CPS job month since 1979. The 1 million total jobs added during February 2016 and 2017 were dwarfed by the 1.556 million total NSA CPS jobs added this February. The last time we saw such a surge was February of 2002 when 459,000 NSA FT jobs and 808,000 NSA PT jobs were added for a total gain of 1.267 million total NSA CPS jobs.
This was a fantastic jobs report. It will be interesting to see how this momentum is maintained. The wage increase, non-seasonally adjusted was 2.9% for the entire private sector. The seasonally adjusted wage growth was reported at 2.6%, most likely due to a surge in the Leisure and Hospitality Sector. President Trump has reduced the unemployment level by over 800,000 workers while boosting full-time employment by over 3 million. President Clinton dropped unemployment by almost the identical amount of workers while boosting part-time employment. The net boost in participants under President Trump, is better than President Clinton, and is better than Presidents Reagan, Bush 43, and Obama combined.
Which sectors are doing the best. Are men finally going to break-out this year with more full-time jobs? While our graying workforce start retiring and making room for younger workers? We will see later this week.
It's the economy.
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