Via Province of British Columbia & Republican Party (United States)
Job growth has been on a rip-roaring tear, since its turnaround from the great recession back in October 2010. The string of consecutive monthly job gains is now at 77 months, crushing the ’83 to ’90 outing of 48 months. So far, during this 2010 run, 15.4 million jobs have been created, making it the third best consecutive monthly job growth in history. And it’s not over yet.
Today’s BLS report states 235,000 people were hired for work in February, well above the 204,000 monthly average during this 6.4 year run. February’s job gains were most noticeable in education and healthcare, construction, professional and business services, and manufacturing, adding 62,000, 58,000, 37,000, and 28,000 respectively. Job growth is the lifeblood of the economy. Private business flourishes as the economy advances. Citizens are apt to earn more, spend more, and save more. This is a virtuous cycle that can raise standards of living and enrich the lives of many. A growing labor force is also essential to fund the public sector.
All this good news is apparent in record home prices and lofty stock valuations. Experts are mixed on what’s to come, but most are forewarning of risks in these elevated asset prices. Still others act as if everything is great and the best is yet to come. Only time will tell. For this Grand Ole Party to play out as hoped, the new administration and the G.O.P. better not flub it up.