U.S. Jobs, Pay Show Solid Gains in Trump's First Full Month (bloomberg.com)

Two anonymous reader share a Bloomberg report: U.S. employers added jobs at an above-average pace for a second month on outsized gains in construction and manufacturing while wage growth picked up, as the labor market continued its steady improvement in the new year. The 235,000 increase followed a 238,000 rise in January that was more than previously estimated, the best back-to-back rise since July, a Labor Department report showed Friday in Washington. The unemployment rate fell to 4.7 percent, and wages grew 2.8 percent from February 2016. While unseasonably warm weather may have boosted the payrolls count, the data represent President Donald Trump's first full month in office and coincide with a surge in economic optimism following his election victory.

Comments

Yeah

[Anonymous Coward]

I mean he hasn't actually implemented any policies but let's go ahead and give him credit....

Re:Yeah

[jellomizer]

Well most businessmen are republicans. So with the republicans back in power they will be more likely to invest more in their businesses when they feel optimistic. The economy isn't about policies but with people ability to take risks.

Re:Yeah

[__aaclcg7560]

These numbers were precipitated by Obama over his last 8 years but to be honest he never inspired this level of confidence.

This isn't confidence, it's exuberance. When fools start tossing money at Wall Street, it's time to run in the opposite direction.

Re:Yeah

[CAOgdin]

You assert "Well most businessmen are republicans." First, I'm curious where that statistic comes from...and I would discount the Republican party as a valid source.

More importantly, I believe you can more validly say, "Well most business men are greedy, and the larger the business, the greedier they are, and in pursuit of their greed, they grease the palms of the Republicans in office."

Re:Yeah

[skids]

Apparently we need to find a sustainable way to have solid Democratic economic policies while keeping the business community under the misimpression that we actually have Republican economic policies.

Re:Yeah

[NicknameUnavailable]

He's defining "businessmen" as "people who run actual businesses, not non profits."

Re:Yeah

[Proudrooster]

This has more to do with Republican-ism that Trump-ism. The people who own businesses are primarily Republican. Many of them had very bad attitudes when Obama-care was launched and they refused to hire full-time because they thought Obama was picking their pocket. Now that Obama is gone the mood of business has changed drastically. They feel like their is relief, whether real or imagined. In any case, business owners are in a better mood with Trump as president and are hiring again. I don't think this has anything directly to do with policy.

Re:Yeah

[GLMDesigns]

To his credit he's been talking about reducing some of the ridiculous tax laws that makes it extremely foolish to repatriate monies back to the US. Remove these regulations and companies will stop sitting on cash and invest. Don't blame this specifically on Obama but the entire Democratic Party's approach to business. US corporate tax rates are extremely uncompetitive.

Re:Yeah

[lexlthr]

The post was a little emotional, but the data is valid. February 2017 numbers are in-line (and slightly lower) than February 2016 and February 2015 numbers. It's part of a trend with some ups and downs and probably can't be attributed to the current administration. It's not a partisan issue, it's just data points. Trump can take credit for it, but it's probably no more deserved than the first months of Obama's first administration which would have been the result of Bush policies - or the first few months of George W's administration which would have been the result of Clinton policies. It's too bad these conversations devolve so quickly.

Re:Yeah

[Anonymous Coward]

Obama had *8* years of zero interest rate policy and an unprecedented expansion of the Federal Reserve's balance sheet. After 8 years of highly unconventional monetary policy, any objective observer should be extremely unimpressed with the performance of the U.S. economy during Obama's presidency. Despite all the kum-ba-ya feelings of having him as president, there were no animal spirits to be found in the real economy.

Like it or not, despite Trump being vilified in the press and by the establishment, his election seems to have roused the animal spirits of the economy enough that the Federal Reserve is finally, after *8* years of recklessly loose monetary policy, is beginning to normalize policy as shown by its 25 bps hike and a highly-probably 25 bps hike next week.

Wages in the Trump presidency are starting to rise more rapidly than during the "recovery" of the past 8 years and the establishmentarian Federal Reserve is almost certain to induce a nasty recession to ensure that the wage slaves don't get uppity with demands for wage increases that keep up with inflation.

Re:Yeah

[GWXerxes]

They are sitting on it overseas because they want to pay NO taxes at all. .

Maybe I'm confused. Aren't corporations sitting on income overseas because the tax laws in those overseas countries are more favorable than the ones in the states?

Re:Yeah

[Anonymous Coward]

The large US corporations are in panic mode because of the new US President. He has already shown his willingness to label certain companies as anti-US or un-American. Lockheed watched their stock price drop over 20 points when Trump stated that the US was paying to much for the F-35 program and his willingness to possibly look somewhere else for a replacement program. Now the US has already invested to much in the program and the chances of starting up another program is near zero but the public statement still had a an overly large effect. Lockheed lowered the price of each plane by 15% within days along with Lockheed promising to lower the price even further. One tweet is all it took. Ford was getting ready to close a US production line and move the jobs to Mexico and Trump painted the company as un-American and Ford cancelled the production line move for the foreseeable future. One tweet was all it took. There has not been a recent President who has been willing to publically call out the business practices of any US corporation. The only time the government criticizes a corporation is after they get caught doing something illegal that cannot be swept under the carpet. Corporations abhor negative publicity of any kind and a US President can sink their stock prices with one off the cuff statement. In today's world the statement doesn't even need to be the truth. The prices may rise again when the publicity wanes but having a 20 percent reduction in your stock price, even for one day, is something corporations want to avoid at all costs. Corporations invest billions of dollars a year in buying politicians just to make sure things like this do not happen. In this last election cycle the politicians they bought lost the election leaving them with someone who is not beholden to their wishes.

In the grand scheme of things the US President has limited power and almost every Presidential decision can be checked by the other two branches of government. But the US President has the largest megaphone in the world to shape public opinion. Trump is not a politician and his style of management doesn't mesh with his current job. Quite frankly I don't think he really wanted to be President. He is most likely as surprised as everyone else that he won. His challengers from both parties ignored him at first and then went and made the type of blunders that made Trump actually look good. All the rabid Trump haters still do not understand that their extreme actions and protests actually helped Trump win. It's all moot anyway because Trump has already accomplished what no other was able or willing to do. He demolished both the Democrat and Republican parties. He has totally exposed the big media conglomerates shoveling out and slanting the news to support their patrons political ambitions. This wasn't really a secret but by the end of the election they really came out of the closet in a blind panic trying to get Clinton elected and all thy accomplished was making Trump more popular. They are still doing the same thing today and if they don't start reporting news without an accompanying editorial line we might get stuck with Trump for 8 years. The US government runs on inertia that can't be thrown off course by a stupid President. Incoming administrations cannot undo all of their predecessors actions and chart a new course in 4 years. The incoming administrations always say they are going to change direction but rarely accomplish any of their stated campaign promises. Obama couldn't even close Gitmo in 8 years and all things considered that should have not been that hard of a task. I don't expect new wall construction in the Southwest or see a permanent ban on immigrants from certain countries. I can see the existing immigration laws being enforced in a stricter fashion. I can see more restrictions placed on H1-B visa recipients and see US corporations do a better job at prioritizing the hiring of US citizens over foreigners. Even on a superficial level this would be better.

Re: Yeah

[Anonymous Coward]

Regulatory overreach that prevents businesses from squeezing yet more profit out by endangering the health and well-being of their workers and the wider communities on which they depend.

"If it moves, tax it. If it keeps moving, regulate it. If it stops moving, subsidize it."

"I'm from the government and I'm here to help."

Re:Yeah

[meglon]

No, they're not. This is one of the outright lies that conservative dipshits continue to spout even with plenty of evidence to the contrary. The top marginal may be high, but the effective is lower than the OECD average. This is another one of those things that actually takes two working brain cells to understand, like the difference between the national debt and the budget deficit. Stupid people can't understand it, then say stupid things.

In addition: https://www.gao.gov/products/G...

In each year from 2006 to 2012, at least two-thirds of all active corporations had no federal income tax liability. Larger corporations were more likely to owe tax. Among large corporations (generally those with at least $10 million in assets) less than half—42.3 percent—paid no federal income tax in 2012. Of those large corporations whose financial statements reported a profit, 19.5 percent paid no federal income tax that year.

There is no credit to give to Trumjp... he hasn't done a damn thing that would change ANYTHING related to this. He's a nothing more than a lying sack of shit politician who mere months ago was slamming jobs reports for being phony, yet now they're wonderful and all because of him. BULLSHIT. Anyone who believes that should do the world a favor and kill themselves because they're that fucking stupid.

Re:Yeah

[meglon]

A higher marginal tax rate than Cuba, but a lower effective tax rate than Cuba. And the usual dipshits who can't understand anything continue to whine and complain about shot they know nothing about. If you don't understand the difference, you probably shouldn't say anything because it lets everyone know how fucking stupid you are.

Not Even the Pretense of a Technical Angle?

[RobotRunAmok]

Still, it's "Trump!" and that'll be good for several hundred posts... I guess that's the whole point, ennit?

"first full month" means NOTHING

[Rick Schumann]

None of that has a single thing to do with Trump. Hell, there's things that Obama did in his first term that we'll just start seeing the effects of now. It's always been that way, the wheels turn slowly enough that it takes years for effects to become evident.

Re:"first full month" means NOTHING

[iggymanz]

not true, Stock market and business will act on expectations of future which is what is happening here with Trump in office. Of course over time we'll get into what you are interested in, what results Trump's actions will have and yes for many things the time delay will be years and for some things over a decade

Haters gonna hate.

[Anonymous Coward]

People have a hard time accepting that one person can be both really good and really bad at the same time.

To those who don't like Trump, he is all-bad, and they won't accept any attribution of benefits to anything Trump does.

And vice-versa, of course.

I abhor Trump's attitude towards, say, Snowden. I think Trump is an exploiter who doesn't care about justice, but just about power. On the other hand, my investment portfolio has been doing very well since he won. So, I recognize the good with the bad.

Re:Haters gonna hate.

[Proudrooster]

Business was punishing Obama for Obama-care by not hiring. Whether there was an upside or downside to the bottom line, there was an attitude of Obama isn't going to tell us what to do. Business and companies have been short-staffed as we have seen in the productivity statistics, but now the percieved pressure is off and businesses are hiring again.

Re:Haters gonna hate.

[Dread_ed]

The way you wrote that link to your google search is one way to look at the situation, but its incredibly 3rd grade and full of obvious emotional baggage unrelated to reality and seems to be written by someone with an axe to grind and who doesn't mind obscuring the facts.

The fact is this: The natural repercussions of implementing that law led to lower hiring. This is not punishment of Obama by businesses. It is merely a natural outcome of what happens when you change regulations to this new state. Now, implementing these regulations could be considered punishment for the people they adversely affect, namely the labor pool, but the blame of that lands squarely on the shoulders of those who created the underlying structure. Namely, those who wrote the law and implemented it.

Blaming "business" for some kind of concerted antagonistic action is just plain fucking stupid. Businesses follow the money and play by the rules that are handed down to them by government. If you don't like how a new law has changed how the majority of businesses operate, look at how the law was written.

Re:Haters gonna hate.

[Altus]

My issue is that nobody can draw even the slightest correlation between any policy move by Trump and these job gains. The idea that businesses are just hiring extra people because they have "faith in the future" is BS, you hire because you have need... need that is generated by demand for your product or service which grows over years, not overnight

First Month of Trump's Presidency?

[i_ate_god]

So what exactly did the US Government do in that first month to create all those jobs? After all, if you can implement policy on day one and see that translate into an economic boost within a month, that is some good policy that governments would want to imitate all over the world.

Re:First Month of Trump's Presidency?

[Trailer Trash]

So what exactly did the US Government do in that first month to create all those jobs? After all, if you can implement policy on day one and see that translate into an economic boost within a month, that is some good policy that governments would want to imitate all over the world.

It's actually quite simple - you have a leader who says he wants to put his country first and that makes investors and business people feel good enough to expand existing businesses and start new ones. That's why the stock market rallied after Trump's election - it's not based on an actual policy but a feeling.

Obama's "you didn't build that" bullshit cost more people more jobs that you can imagine.

Re:First Month of Trump's Presidency?

[T.E.D.]

Obama's "you didn't build that" bullshit cost more people more jobs that you can imagine.

...which totally explains why February jobs #'s were even higher in February of 2016, 2015, and 2013.

I have a much simpler explanation: Its February.

Because the alternatives were awesome.

[Anonymous Coward]

Mythical reeducation for jobs that don't exist in the locations that were gutted by NAFTA. Complete with no help to relocate or adjust to fucking your kids lives up by transferring them across the country, nor help when dear old mum falls down the stairs and you're two thousand miles away working in your $8.50/hour job you weren't retrained for.

I love the dumb fucks who think people who have been screwed are voting against their best interests if they don't vote Democrat. Democrats aren't going to do shit for these people. This is why they've stopped fucking voting for Democrats.

Re:Because the alternatives were awesome.

[ranton]

I love the dumb fucks who think people who have been screwed are voting against their best interests if they don't vote Democrat. Democrats aren't going to do shit for these people. This is why they've stopped fucking voting for Democrats.

Way to put up some strawman arguments, shoot them down, and call everyone who disagrees with you dumb fucks. This may be the least insightful comment yet for this article.

No proposed solution to our economic problems will solve everything, and claiming Democratic voters think otherwise is asinine. Re-education of workers helps displaced workers, but it won't work for everyone. Relocating to areas with more jobs helps displaced workers, but it won't work for every family dynamic. Improved safety net systems helps those who fall through the cracks, but it can't be the solution for everyone. More equitable primary, secondary, and post-secondary education will also help, but it won't be enough for everyone. We need all of this and more to solve our problems.

On the other hand, the are almost literally no programs suggested by the Republican platform which will help the working class. Gutting public schooling won't help, reducing financial assistance for health care won't help, economic protectionism won't help, reduced clean air and water regulations won't help, the list goes on and on.

The Democratic party is far from perfect, and has been almost as disastrous for the working class as the Republican party has been. Emphasis on almost though, since after you strip away false rhetoric the Republican platform is nothing but the party of the wealthy elite.

Re:Because the alternatives were awesome.

[phantomfive]

Vote out the incumbents until things change. Eventually things will either change or we'll die.

Re:Because the alternatives were awesome.

[whodunit]

the Republican platform is nothing but the party of the wealthy elite

As a lifelong Republican, I'd like to point out that Trump's electoral victory - achieved against the streneous efforts of the GOP hardliners and the majority of GOP congressmen - may well incidate that the average conservative voter seems to agree with you. That Bernie got as far as he did against the polished, powerful Clinton machine (so powerful that she forced the Democratic party leadership to cut a deal with her so she'd stop challenging Obama's run for nomination,)and the DNP apparatus, indicates that the left wing is tired of their elitists too.

Look for common ground - right now, I think you're likely to find it.

Re:Anemic growth is not normal

[Anonymous Coward]

With all due respect, you're comment betrays ignorance of both the Trump and Obama administrations respective stance on regulations. The Obama administration required cost-benefit analysis to be performed on new regulations, and required the benefit of the regulation to justify its costs. Trump, on the other hand, has issued executive orders requiring that the incremental cost of new regulation be zero, regardless of benefit.

Effectively, the Trump administration is enabling a scenario where privileged businesses (those who can influence regulatory change) will be able to externalize their costs (such as the costs of pollution) onto individuals and other businesses. From an economic perspective, this reduces growth and efficiency since the actor best able to reduce the cost has no incentive to do so.

Re:Fun times...

[WrongMonkey]

Jobs are up. Stock market is up. Consumer confidence is up. Precious metals are down. If you really think the economy is about to hit the fan, then you can make a fortune by betting against the experts.

Re:It's just the uncertainty factor being removed

[Mashiki]

It seems to me like most businesses are pretty unhappy when things are uncertain.

Of course they are. When the NDP were elected in Ontario in the 1990's the TSE tanked overnight and we lost two ranks to our credit rating. When the Liberals were re-elected in Ontario ~3 years ago, it also cost another rank to our credit rating. Why? Because the liberals have fostered an anti-business environment and created an excessively expensive electricity market, while raising taxes through the roof, and spending like a drunken sailor. Businesses have fled Ontario over the last decade, even "clean" businesses like IT. When the NDP won Alberta they lost a ranking to their credit rating overnight, when the NDP won British Columbia same thing. Why? Because the NDP are anti-capitalism, pro-heavy regulation, pro-taxation. Businesses and investors believed and rightly so as it's turned out in every case that it would be exceptionally negative, and the economies stalled nearly overnight.

Re:Fun times...

[__aaclcg7560]

Jobs are up. Stock market is up. Consumer confidence is up. Precious metals are down.

For the eighth year in a row. Thanks, Obama!

If you really think the economy is about to hit the fan, then you can make a fortune by betting against the experts.

"Be fearful when others are greedy, and be greedy when others are fearful." — Warren Buffett

Re:Wait, What...?

[ranton]

Because had we voted for Hilary there would be fewer robots?

No, there would be stronger safety nets and improved public education. Nothing is stopping automation, but there are ways to mitigate its negative effects.

Re:Yeah - Oh, PLEASE!

[ebusinessmedia1]

The current economic improvements are not a black and white difference between Obama and Trump. Trump has done NOTHING policy-wise yet; he is resting on the policy foundations of the past 8 years of the Obama administration. Nevertheless, his mostly ignorant-of-economics, self-confirmation-biased "true believers" will happily consume the hash of lies and distortions they are fed. Are their incomes going up? Is life easier? All they have to do is make a trip to the mailbox to find out that *nothing* has changed. What's going to surprise most of them is how once Clown Trump and his circus get going, how they are going to be left behind.

We have a *structural* disruption in worldwide benefits to labor; that structural disruption is ACCELERATING. Clown Trump and his base are going to find that out soon enough, as labor becomes ever more the commodity and automation continues to hallow out jobs. Wake up!

Re:Slashdot in a nutshell.

[Tempest_2084]

But that's how it's been with the Democrats for the last 8+ years. Anything bad that happened under Obama was Bush's fault, even after he had been out of power for almost 8 years and of course everything that was good was all his doing. Now it appears that anything good that happens under Trump is Obama's doing and of course anything bad is all his doing as well. It's a no win situation, and people will do some serious mental gymnastics to try and prove it no matter what the evidence says.