Promises made during President Trump’s first days in office regarding tax reform, regulation cuts and increasing spending toward our aging infrastructure resulted in a boost to employment in the private-sector in February.
While overall hiring slowed from last month, employers hired 1.4 percent more workers than the same time last year, according to the the LinkedIn Workforce Report, a monthly analysis of employment trends.
And the last two months were among the strongest consecutive months for hiring since summer 2015. A benchmark Trump was excited to share on Twitter this morning.
- Private payrolls climbed by 298,000 (forecast was 187,000), the most since April 2014, after a revised 261,000 gain in January
- Goods-producing industries, which include manufacturers and builders, increased headcounts by 106,000, a record in data going back to 2002, after a 55,000 gain
- Service providers boosted payrolls by 193,000 after a 207,000 increase
The oil and gas industry also continued to rebound in February, according to the report, with seasonally adjusted hiring up over 50 percent since June — the low point of the industry’s recession.
“February proved to be an incredibly strong month for employment with increases we have not seen in years,” Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, said in a statement.
And it appears the hiring surge is the result of increased confidence in the good things to come with Trump’s policies.
“Businesses are anticipating a lot of good stuff — tax cuts, less regulation,” Mark Zandi, chief economist of Moody’s Analytics, told CNBC. “They are hiring more aggressively.”
Unemployment numbers for the month of February are expected to be released by the Bureau of Labor Statistics Friday.
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