The impressive jobs number, along with the Fed signaling patience on rate hikes, shook the stock market loose from its doldrums, with the Dow posting a 747-point gain.
With the December jobs number, President Trump now has two full years of economic performance to compare with his predecessor, President Obama. The two biggest statistical standouts are:
Manufacturing jobs are growing at a 714% faster clip under Trump than over a similar time under Obama , and;
Under Obama, federal state and local government employment grew 6 times faster than did manufacturing jobs, while under Trump, that ratio has been reversed, with manufacturing jobs growing 5 times faster than government jobs.
Looking at jobs added over the 24 months through this December and comparing that with the last two years of the Obama Administration is illuminating—both for the pace of employment expansion in the late stage of a business cycle, as well as for the composition of the jobs added.