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The Bureau of Labor Statistics (BLS) released its monthly Employment Situation Report, showing that the United States economy is continuing to boom with a strong labor market. Total nonfarm payroll employment in March rose by 196,000 jobs (see figure), beating market expectations (175,000). The month of March continued the longest streak of growth on record (102 months). Job gains in February were revised up by 13,000, and January jobs were revised up by 1,000 for a cumulative increase of 14,000 jobs. In total, the economy has added over 5.5 million jobs since President Donald J. Trump was elected.
The March jobs report reflects a sharp rebound in job growth, suggesting that February’s revised outcome (+33K) was a blip rather than a trend. Since the President was elected, job gains have surpassed 100,000 jobs in 26 of the 28 months. The average jobs growth in the past 12 months is a robust 211,000 jobs and jobs growth in the past 6 months has averaged 207,000 jobs. Both the 12-month and 6-month averages remain above the 2017 average of 179,000 jobs gained per month.
Job growth in March was largest in the education and health services industry, which added 70,000 jobs. Since the President’s election, the manufacturing industry has added 480,000 jobs and 209,000 jobs in the past 12 months.