In yet another example of what many political analysts have dubbed the “Trump effect”, the number of Americans actively participating in the U.S. work force since the 45th president’s inauguration in January has skyrocketed.
According to a report released by the U.S. Bureau of Labor Statistics (https://www.bls.gov/news.release/empsit.nr0.htm), the number of Americans engaged in the work force in the past month hit a record high of 160,056,000, an all time high since the bureau began tracking the workforce.
As documented in the report, 340,000 Americans joined the labor force in February and the number of Americans not participating in the labor force dropped from 94,366,000 in January to 94,190,000 in February.
The report marks the second time since Trump’s inauguration that a marked uptake in full time employment was noted.
The surge in hiring included 58,000 additional construction jobs, the largest increase in nearly a decade, as consumers, more confident in the economy, once again began buying new homes. Also in February, manufacturing expanded at the fastest pace in more than two years.
Many executives say they anticipate that the trend will continue as they forecast an increase in economic growth due to Trump’s promised tax cuts, deregulation and infrastructure spending.
The stock market has also felt the impact of the so called “Trump effect” hitting record highs in the months since the president’s inauguration.
“This is clearly a Trump rally, a rally based largely on the idea that Washington is going to come through with giant tax cuts for corporations, infrastructure spending, all of this stimulus coming down the pike line,” Ben White of Politico told WNYC. “So essentially corporations are going to be more profitable because they are going to be taxed less so stock prices go up.”
White House press secretary Sean Spicer commented on the positive economic news via Twitter on Friday morning: “Not a bad way to start day 50 of this administration,” he wrote.