PHILADELPHIA, Pa.—Friday’s jobs news was promising for those looking for work, with the Labor Department reporting that 235,000 jobs were added in February, according to Politico. Last Wednesday, ADPreleased its employment report, which found that jobs increased by 298,000 in the private sector from January to February. Both figures crushed estimates.
Unemployment ticked down slightly to 4.7 percent, average private sector earnings were up 6 cents over January, and wages increased 2.8 percent from February 2016.
Financial expert and nationally syndicated television and radio host Dan Celia says the best news from these jobs reports is that hundreds of thousands returned to the workforce.
“Friday’s jobs number is the best we’ve seen in 10 years,” Celia said, “not necessarily because of the 235,000 new jobs—after all, we are still at a late 1970s labor participation rate—but the best news of all is that 300,000 people re-entered the workforce, yet the unemployment rate decreased. It means that these 300,000 actually got jobs, and that is the best news story from these numbers.”
Celia, who leads Financial Issues Stewardship Ministries (FISM, www.financialissues.org), added that although the labor participation rate is still stuck in the late ’70s, his hope is that numbers will soon compare to 1980, when the average annual labor participation rate was 64. Currently, it sits at a full point lower.
Politico also noted that the employment survey is the first to measure job creation under President Donald Trump, who has promised to add 25 million new jobs to the economy over the next decade.
To interview Dan Celia of Financial Issues Stewardship Ministries, contact Jen Retallick, 610-584-1096, x100, Media@HamiltonStrategies.com, or Deborah Hamilton, 215-815-7716 or 610-584-1096, x102.