The country added 156,000 jobs in December, a nice gift from President Barack Obama. His numbers are rather substantial compared to the 5000-job drips the near-president Donald Trump pulls out of his hat. The president also gave us 4.7 percent unemployment rate, and there are all sorts of goodies in his final monthly labor report.
‘This is Trump’s industrial policy: Headlines about saving a few thousand manufacturing jobs that will disappear anyway in a few years because of automation, while Trump and congressional Republicans slash corporate taxes – resulting in either higher taxes on average Americans or cuts in Medicare and other vital services. And Trump and the Republicans also do away with regulations that protect the health and bargaining power of American workers.’
The last administration handed President Obama an economy in a Great Recession that was well on its way to another Great Depression. Now, the Obama administration is going to hand Trump an economy that added jobs 75 straight months in a row, which hasn’t happened since 1939, according to Center For American Progress.
When the president started his job in January of 2009, the country’s unemployment rate was 7.8 percent. Even though he brought it down to under 5 percent, those jobs have not paid as well as the jobs people lost. Corporations have worked hard to break unions, which used to ensure more jobs paid middle-class wages and benefits.
Trump will come into office with a very solid job market, but he has vowed to return the jobs people lost to Mexico, China, and other countries. The way he intends to do this is by putting a high tariff on companies that export jobs. This would be extraordinarily difficult without Congress’ assistance.
In December, manufacturing added 17,000 jobs, but the manufacturing sector is struggling. The reason is a strong dollar makes exports more expensive. This year manufacturing lost a total of 63,000 jobs.
Construction is the canary in the economy mine. Watch this sector for the first hints of a bad job market. Construction added 3000 jobs in November but lost 2000 in December.
For those looking for a job, healthcare added 43,000 jobs in December. Restaurants added 30,000 in December and 247,000 jobs throughout the year.
Professional and business services jobs increased by 15,000 in December and 522,000 throughout the year.
Featured Image: Getty Images/Jessica Kourkournis.