The Economy Has Been Adding Jobs A Lot Longer than Last Month #justsayin
I’m usually the person in the room that sits back and thinks about things a little longer than others to when things might sound too good to be true.
And the reality is that the February Jobs Report showing that we added 235k jobs in February is a good thing for all Americans. I’m not arguing that.
But to say that this is thanks to President Trump is, well, silly on the face of it, and laughable when looking at the numbers.
I’ve often noted that recessions are bigger than presidents. And, the data shows that they happen on a regular enough basis to note that they are not really related to presidents, though we all think they are.
Afterall, its pretty easy to point at the guy in the Oval Office when you’re mad about losing work.
And it’s a press-release waiting to happen the moment there’s good news about the economy for a sitting president no matter if he was there when the fuse was lit or not.
Taking a step back and looking at the numbers (below) shows that unemployment in the US has been steadily dropping from the mid 8% down to hovering around 4.75% now — very close to full-employment, as it happens, and actually a little high compared to recent numbers.
The other alarming things about the Trump Presidency taking such swift credit for this action is that presidential candidate Trump discounted these very same numbers when he was running, and even just recently stated in a joint session of congress that 94 million americans are out of work, a number that can only be true if you count retirees, students, stay-at-home-parents and those who are not looking for work.
It’s as if the whole Presidency is based on President Trump telling us very scary bedtime stories hoping we’ll believe in the boogeyman in the closet and then swooping in with a “sword” made from toilet paper tubes and vanquishing the “foe” and be crowned our hero.
In any case, it’s both good to look at the data and step back a little bit and think about sensational news like this. Perhaps it’s a plus though that many news outlets are cautioning people to be wary of the White House’s cheering.
Participation Is Up!
Something I am even MORE excited about? The number of people actually wanting to work (what economists call “participation rate”) is finally starting to rebound. That is an even better indicator, in my opinion. It means jobs are not just going to the working, but there’s enough work that people who have, until now, bowed out of the market are buttoning up their blouses and shirts and getting back in line for work. That’s a good thing all around.
Fun fact (get it?): Check out this running fact check on Trump vs Jobs Announcements
