This morning the February jobs report was released by the federal government. It's the first full month of the Trump administration, and it has some very good news in it. The labor participation rate has increased dramatically. There are now just under one million more people in the workforce than there were at the start of the year.
Most media reports talk about the number of jobs created or the unemployment rate. Through the Obama years, however, the number of people who gave up looking for work soared, so they were no longer counted in coming up with the unemployment rate. That meant more people on government programs like welfare. It meant more families limping along on low incomes with little hope. During the Obama years, the number who gave up hope of finding work was enormous. That the arrival of Trump on the scene has led to renewed hope for these people is the most important bit of the report.
It's way too early to announce that there is a trend in the labor participation rate. That will take at least six months to see. Still, today's number is great news.
On top of the good news about labor participation, we also saw a good unemployment rate and the creation of just under 240,000 new jobs. Those too are good numbers. It's nice to have good news.
Most media reports talk about the number of jobs created or the unemployment rate. Through the Obama years, however, the number of people who gave up looking for work soared, so they were no longer counted in coming up with the unemployment rate. That meant more people on government programs like welfare. It meant more families limping along on low incomes with little hope. During the Obama years, the number who gave up hope of finding work was enormous. That the arrival of Trump on the scene has led to renewed hope for these people is the most important bit of the report.
It's way too early to announce that there is a trend in the labor participation rate. That will take at least six months to see. Still, today's number is great news.
On top of the good news about labor participation, we also saw a good unemployment rate and the creation of just under 240,000 new jobs. Those too are good numbers. It's nice to have good news.
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