Manufacturing jobs growing 714% faster under Trump than under Obama for the same period of time

Forbes:
The U.S. Bureau of Labor Statistics released its December jobs report Friday morning, showing nonfarm employment was up by 312,000, stronger than analysts expected.

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.
...
Looking at manufacturing, the government report noted that 32,000 jobs were added in December with 19,000 of the gain being in the durable goods component. In 2018, manufacturing employment increased by 284,000 with some three quarters of the gain over the year being in durable goods manufacturing, an indication that President’s Trump’s policies are likely causing a shift of manufacturing back to American soil.

This is remarkable due to the widespread belief that it wasn’t possible—President Obama himself said in June 2016 that manufacturing jobs “are just not going to come back,” and New York Times columnist and economist Paul Krugman claimed on November 25, 2016, “Nothing policy can do will bring back those lost jobs. The service sector is the future of work; but nobody wants to hear it.”

The tax cuts President Trump signed into law in December 2017 were no doubt key to the sustained rise in job growth. But, perhaps even more important for manufacturing, a sector of the economy typically subject to more government red tape than the service industry, have been the Trump Administration’s deregulatory efforts.

According to the federal government’s own rule-making tracking system, the Trump Administration has implemented 2.7 significant deregulatory actions for every one added through October of last year, for a net regulatory savings of $33 billion. As this is the federal government’s own accounting, the projected savings likely understate the real world effect, as new regulations along with regulatory uncertainty, act to dissuade investment and hiring.
...
Democrats have been reduced to talking about the volatility in the stock market which is more attributable to the uncertainties caused by the election of Democrats to the House, Fed manipulation of the interest rate, and a slowdown of the economy outside the US.  The stock market has been on a downhill swing ever since it became apparent that Democrats would control the House.  With Democrats talking about tax increases, socialism, and impeachment it seems clear their goal is to destroy the economic growth of the Trump economy.

It is the biggest monthly manufacturing job gain in 20 years.  There are 4.8 million more Americans employed since Trump became President.

Comments

Popular posts from this blog

Russia attacking Iranian forces in Syria

Shortly after Nancy Pelosi visited Laredo, Texas and shook hands with mayor of Nuevo Laredo this happened