Labor Report Blows Economists Away –3 Times as Many New Jobs Added as Projected
WASHINGTON, D.C. (Texas Insider Report) — Predictions had guessed that the unemployment rate would stay at 4.4% – but it fell to a better than expected 4.3%. And Wall Street forecasters had predicted the nation's job growth over the past month would be only 65,000 – yet the U.S. economy added 178,000 jobs in March, the Bureau of Labor Statistics announced on Friday morning.
And while the numbers were "way better than expected" according to some, an analysis of the economy by Joseph Lawler, a policy editor at the Washington Examiner said the situation is even better than it looks."The United States does not need as much job creation as it has in years past, thanks in large part to the crackdown on illegal immigration – meaning that recent job growth is stronger than it might seem at first," Lawler explained.
"Employers don't need to add payroll jobs to prevent unemployment from increasing or trending up. The economy may even be able to lose some jobs each month and still keep treading water," he said, adding:
"That means the recent pace of job growth, at 68,000 on average over the past three months, is more than enough to stave off recession.
"In other words, today's job report is better than it looks at first glance," Lawler concluded.
He said there are several factors, including Baby Boomers retiring or leaving the work force, which means "they don't need jobs."
According to Dan North of Allianz Trade Americas:But further analysis of the economy by Lawler, a policy editor at the Washington Examiner, said the situation is even better than it looks.
"As a result, on net, more migrants appear to be leaving the U.S. than entering – a major reversal from years past."
He said experts estimate because of the fact that more immigrants are leaving than are arriving, they think "the U.S. can lose 3,000 jobs a month and still have unemployment stay steady or trend down."
Lawler's report explained the jobs report shows "that job growth has been relatively strong to start the year, which could help President Donald Trump raise his poor economic approval ratings."
Further, the employment growth has been undermined by federal government layoffs recently – and that actually "Private-sector job growth has been stronger."
The Federal government's overall level of employment dropped by 189,000 in March, following months of declines.
The total is down by 352,000 since President Trump took office.
And, "Fewer jobs are being created in large part because fewer people are in the country looking for jobs."
'Way better than expected': Economy surprises with 178,000 new jobs, but analysis says it gets even better.
President's crackdown on illegal immigration means U.S. 'does not need as much job creation as it has in years past'
The Bureau of Labor Statistics announced on Friday the U.S. economy added 178,000 jobs in March, crushing expectations that had been projected to be around 65,000
