Confidence in the market and Trump.
While unseasonably warm weather may have boosted the payrolls count, the data represent President Donald Trump’s first full month in office and coincide with a surge in economic optimism following his election victory. The figures also validate recent comments by Federal Reserve officials that flagged a likely interest-rate increase this month.
“We’re getting closer and closer to full employment,” said Ryan Sweet, an economist at Moody’s Analytics Inc. in West Chester, Pennsylvania. “Wages had been the one sore spot in the labor market data, and I think that’s coming through here. With inflation accelerating I think we’re going to start to see even stronger wage growth down the road.”
The prospect of a Fed rate increase at its meeting next week is “pretty much a slam dunk,” he said.
Trump, via a post on his Twitter account in a retweet of a Drudge Report headline, seized on the report: “GREAT AGAIN: +235,000”.
Private employment, which excludes government agencies, rose by 227,000 after a 221,000 increase the prior month. It was the biggest gain since July. Construction jobs, which can fluctuate depending on the weather, rose by 58,000, the strongest in almost a decade, and followed a 40,000 increase in January. Manufacturing payrolls gained 28,000, matching the most since August 2013. Meanwhile, retail positions fell by 26,000, the most in four years.
https://www.bloomberg.com/news/articles/2017-03-10/u-s-jobs-wages-show-solid-gains-in-trump-s-first-full-month