The United States Bureau of Labor Statistics released its Employment Situation Summary last February, which contains the data for the first full month of the United States President: Donald Trump’s administration, and some aspects that reveal whether the economic drive from the previous administration has continued.
These monthly employment releases will provide accurate real-world data on the economy—beyond just the stock market—to measure the administration’s progress against campaign promises.
In accordance to President Donald Trump’s campaign promises, one industry the president is intensely focused on during the campaign was United States manufacturing. As the president met some of the country’s manufacturing executives, President Donald Trump declared that he will attempt to follow through on his campaign promises to considerably increase manufacturing jobs.
On April, the employment report showed that employers added 211,000 jobs, as the employment rate ticked down to 4.4%, its lowest level since 2007. In addition to benchmarking the administration’s progress in sustaining a strong and firm labor market, these data continues to provide clues about what the Federal Reserve will do next with interest rates.
The FOMC or Federal Open Market Committee meeting which was held on January 31 to February 1 stated that the committee plans to raise the interest rate. In addition, this makes clear that the FOMC will pay a very close attention to the effect that the president’s expected economic policies will have on jobs and inflation data.
The United States President, Donald Trump has promised to bring back manufacturing, decrease federal employment and cut down on government regulation. These draws attention to two factors: employment in manufacturing government, which can be a big help within the country’s employment rate since manufacturing employment has been shrinking as a share of economy since the 1940s, and has been decline since the 200s.
However, manufacturing employment has made a comeback since the end of the global financial crisis in 2009. After striking a low of 11.5 million workers in 2010, manufacturing employment improved to 12.3 million in 2015, and continues to increase minimally through 2016.