Jobs Report Reaffirms Everything President Trump is Trying to Do
Gary Cohn, the former #2 man at Goldman Sachs Group Inc. and President Donald Trump’s top economic adviser, said Friday’s robust jobs report “reaffirms everything that we’re trying to do” with economic-growth policies.
US employers added a robust 235,000 jobs in February and raised pay at a healthy pace, evidence that the economy remains on solid footing nearly eight years after the Great Recession ended.
The unemployment rate dipped to a low 4.7 from 4.8%, the US Labor Department reported Friday. More people began looking for jobs, increasing the proportion of Americans working or looking for work to the highest level in nearly a year.
February’s job gains were boosted by 58,000 additional construction positions, the most in nearly 10 years. That figure was likely enhanced by unseasonably warm weather in much of the nation.
In addition to beating consensus estimates of 190,000, the job creation came in some unusual places, with construction and manufacturing leading the way.
During his campaign, Donald Trump promised to bring back those kinds of jobs. To do so, he pledged lower taxes, a rollback in regulations and $1-T in infrastructure spending.
“We’re very excited about what’s ahead of us,” Mr. Cohn said.
Mr. Cohn said the White House has been holding meetings with CEOs to figure out the best way to enact his pro-growth agenda.
“We had a large group in here two days into the White House talking about infrastructure, talking about the enormous need,” he said. “We have under invested in our infrastructure in the last 50 to 60 years in the US,” he said.
“We want to protect American jobs, we really do,” he said. “We want to bring jobs back to America, so anything we can do to incentivize manufacturers to come back to America, that’s important to us.”
Friday’s report was the first to cover a full month under President Donald Trump.
President Trump shared a Drudge Report tweet claiming the 235,000 figure means America is already “great again.”
Have a terrific weekend.