Via Michael Vadon
President Trump recently tweeted “JOBS, JOBS, JOBS!” There is no question that Mr. Trump has been enormously successful as an entrepreneur. His name is synonomous with A-Class skyscapers, sprawling business enterprises, media interests, and now, most importantly, President of the United States. On the other hand, Mr. Trump’s shortcomings and setbacks have been well telegraphed by his detractors. Dramacrats and Dramacans are quick to point out their stark differences with the President, but the reality is that employment growth, especially with good paying jobs, wins or loses elections.
What the President says matters; his words matter a lot! As per his “Jobs” post earlier, there is nothing more important. Job growth is the fuel that drives the economy. During periods of job growth, more people are working, wages and salaries uptick, and confidence lifts, which enable people to spend, save and invest. Employment growth, accompanied with sensible policy, is the sure fire formula for raising societies’ standards-of-living. 235,000 new hires were added to the workforce in February, well above its 196,000 twelve month average. The graph below illustrates average monthly net job gain or loss since the November 2016 election compared to the 12 month average. Construction, manufacturing, and mining and logging have experienced strong employment growth above their yearly average; these industries are beneficiaries of the bumps proposed by the new administration’s infrastructure program and business optimism. Government, professional and business services, and retail trade are feeling the lumps from Trump’s pledge of smaller federal government, technology disruption via digital everything, robotics and artificial intelligence. Mr. Trump understands business; he’s been a job creator, and knows how to make a profit. Voters put him in the White House because of those attributes. Jobs, jobs and more jobs will most likely be the formula for keeping him there.