It didn’t take long after Donald Trump was named the winner of the presidential election in November for signs of improvement to begin. Almost immediately, the stock market began to climb. And in the weeks since Trump has taken office, it has only gotten better for the economy. The latest example? Jobs numbers have gone above and beyond all expectations.
In January, nonfarm payrolls rose to 227,000, above what economists predicted. It was expected that we would see an increase of 175,000 jobs in January, compared to 57,000 jobs in December, but the real number has far surpassed that.
The average workweek is unchanged for the most part, holding steady at just under 35 hours. Wages also remain mostly the same, with hourly earnings seeing an increase of 3 cents, and 2.5% on an annual basis. Declining wage growth took place, even though 19 states increased their minimum wage laws. “The lack of wage growth suggests further room for tightening in the labor market,” Curt Long, chief economist for the National Association of Federally Insured Credit Unions, said. “So long as that remains true, and with inflation still below target, the Fed will be content to hold off on further interest rate hikes.”