Despite a pandemic raging across the world from the novel coronavirus flu, or COVID-19, the Trump economy just can’t be stopped. Today’s economic numbers show shocking job growth to the upside, trouncing estimates. Unemployment dropped, and the trade balance improved more than expected.
All Trump had to do was rework American trade policy, reduce regulation, and confront China…
Was it really that easy?
Markets are down on the open significantly as traders still expect an impact on the global economy, damaging supply chains and consumption as consumers stay home out of concern for COVID-19.
Nonfarm Payrolls (Feb) printed at an astounding 273k vs consensus estimate of 175k. Previous months were also revised higher.
Trade Balance also beat expectations printing at -$45.3B vs estimate of -$46.1B
Average Hourly Earnings (YoY) (Feb) grew as expected at 3%.
Average Weekly Hours (Feb) printed at 34.4 vs estimate of 34.3.
Labor Force Participation Rate (Feb) printed at 63.4%.
Average Hourly Earnings (MoM) (Feb) great at the estimate of 0.3%.
U6 Underemployment Rate (Feb) printed at 7%.
Unemployment Rate (Feb) printed at 3.5% vs the estimate of 3.6%.
The Trump economy roars on!