American businesses reportedly added 263,000 employees to their payrolls in March, exceeding expectations by a notable 78,000 and providing yet another indication that the economy under President Donald Trump was headed into a strong economy.
Specifically, goods-producing businesses in agriculture, manufacturing and construction “increased headcounts by 82,000 after a 100,000 gain, the strongest two months in data going back to 2002,” while service-providing businesses in retail, transport and food boosted their payrolls by 181,000 after a 145,000 increase in February, according to Bloomberg.
Based on data released Wednesday by the ADP Research Institute in New Jersey, these figures showed a private sector on fire, with businesses both retaining and hiring more employees, all to “sustain the progress that has put the labor market at or near the Federal Reserve’s maximum-employment objective,” as noted by Bloomberg.
Keep in mind that more data was still to come. According to MarketWatch, economists only use data from the ADP to get a feel for how official data from the U.S. Labor Department might look. This data, set to be published Friday and cover both private sector and government jobs, could differ.
Moreover, USA Today cautioned that “(s)ome economists expect the government to report Friday that hiring slowed in March from a surprisingly strong pace early in the year amid harsher weather and uncertainty about tax and regulatory policies.”
But in a report published four years ago, Business Insider revealed that “(t)he ADP report has become a more reliable predictor of the official jobs report.”
This meant that, as was said by Moody’s Analytics chief economist Mark Zandi, “Job growth is off to a strong start in 2017.”
In other words, the president is meeting his highly touted goal of creating more jobs — despite phony claims by phony Democrats such as House Minority Leader Nancy Pelosi that Trump had done nothing to boost the economy. As usual, she was dead wrong.
But we’re used to that.
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