By Jake Smith
President Donald Trump received some positive news on his 50th day in office. The US economy added 235,000 jobs in February lowering the unemployment rate to 4.7%, slightly down from 4.8% in January.
The Bureau of Labor Statistics reports the “employment gains occurred in construction, private educational services, manufacturing, health care, and mining.”
President Trump retweeted the Drudge Report saying “GREAT AGAIN: +235,000.” Press Secretary Spicer also tweeted “Great news for American workers: economy added 235,000 new jobs, unemployment rate drops to 4.7% in first report for @POTUS Trump.”
This gain in jobs is supplemented by a slight improvement in the civilian labor force participation rate to 63.0%. The average hourly earnings of Americans also increased by 0.2 percent in President Trump’s first full month in office.
President Trump’s election in November sparked a stock market rally, this coupled with the continuous decrease in unemployment, and better performing economy sets the stage for the Federal Reserve to raise interest rates as early as next week.