The U.S. economy surpassed 150,000,000 jobs for the first time ever following the Employment Situation report for December 2018.
“With more than 5,000,000 jobs added since the 2016 election, the American economy surpassed 150,000,000 jobs for the first time ever,” U.S. Secretary of Labor Alexander Acosta boasted in a statement following the release of the jobs report.
The Labor Department via the Bureau of Labor Statistics said the U.S. economy added a whopping 312,000 jobs in December, crushing the forecast.
“It doesn’t get any better than this,” Larry Kudlow, the president’s chief economic advisor said. “I’d urge people again to rethink their pessimism.”
Coupled with upward revisions to October and November, the economy welcomed a total of 370,000 more jobs.
“While job growth remains strong, it is important that policymakers continue to foster an environment that promotes job creation and wage growth,” Secretary Acosta said in a warning to lawmakers. “This Administration will keep working to grow our economy and create family-sustaining careers for America’s workers.”
The labor force grew by 419,000 and the participation rate rose to 63.1%, up from 62.9% the previous month. It is now 0.4% higher on the year.
The unemployment rate moved up to 3.9% as a result of increased participation.
“Labor force participation for women 25-54 was particularly strong, rising by 0.3%, returning to 2009 levels,” Secretary Acosta added. “More individuals moving into the labor force is welcomed news as job creators look to fill seven million open jobs.”
The Dow Jones Industrial Average (^DJI) shot up over 300 points following the report. It rose higher to +700 points following comments from Federal Reserve Chair Jerome Powell.
The Employment Situation, known more commonly as the monthly jobs report, follows the ADP National Employment Report released Thursday. ADP said the U.S. private sector alone added 271,000 jobs.
“This closes a very strong 2018,” Secretary Acosta said. “Positive news was widespread: 2.6 million new jobs created in the past twelve months, America’s average wage earnings are on the rise, 8 months of unemployment below 4%, and series low unemployment rates this year for African-Americans, Asian-Americans, Hispanic-Americans, and those without a high school degree.”