THE WHITE HOUSE
Office of the Press Secretary
FOR IMMEDIATE RELEASE
February 2, 2018
*TODAYS JOB GAINS TOP OFF AN IMPRESSIVE WEEK OF ECONOMIC NEWS*
*"This mornings jobs report, which shows 200,000 new jobs, caps a week of stellar economic news that included rising wages, higher confidence, and expanding manufacturing."*
*BLOOMBERG: U.S. Added 200,000 Jobs in January; Wages Rise Most Since 2009*
U.S. hiring picked up in January and wages rose at the fastest annual pace since the recession ended, as the economys steady move toward full employment extended into 2018. Nonfarm payrolls rose 200,000compared with the median estimate of economists for a 180,000 increase -- after an upwardly revised 160,000 advance, Labor Department figures showed Friday. The jobless rate held at 4.1 percent, matching the lowest since 2000, while average hourly earnings rose a more-than-expected 2.9 percent from a year earlier, the most since June 2009.
*CNBC: Pay Gains During Trumps First Year in Office Best Since the Great Recession*
Workers looking for fatter paychecks had their best year in 2017 since before the financial crisis, according to a government report Wednesday. The Employment Cost Index, a measure of salary and benefit costs, registered a 2.6 percent gain for the full year, tied for the best since 2007, the Bureau of Labor Statistics reported. President Donald Trumps first full year in office saw gains that easily outdistanced any year for his predecessor, Barack Obama, whose best showing was the 2.2 percent increases in 2016 and 2014. Six of Obamas eight years in office saw gains of 2 percent or less.
*MARKETWATCH: Wage Increases Reported by Highest Number of Companies in 18 Years, Survey Finds*
More companies are hiking wages and salaries than at any time over the last 18 years, according to a survey of business economists released Monday. The National Association for Business Economics said the net percentage of those companies which have increased wages and salaries over the last three months rose to 48 in January, up from 37 in October and the third-highest reading since April 1982. Not a single respondent said their wages have dropped, according to the NABE survey.
*BLOOMBERG: U.S. Manufacturing Expands at Close to Quickest Pace Since 2004*
U.S. factories expanded more than forecast in January and near the fastest pace in more than 13 years, indicating manufacturing was still powering ahead at the start of 2018, Institute for Supply Management data showed Thursday.The January reading, which exceeded the 57.4 average for 2017, shows manufacturing is benefiting from solid consumer spending and business investment.
*MARKETWATCH: Jobless Claims Fall Slightly to 230,000, Layoffs Extremely Low*
The number of people who applied for unemployment benefits in late January fell by 1,000 to 230,000, keeping initial U.S. jobless claims near a 45-year low.
*REUTERS: S&P 500s January Gain Suggests Momentum for a Strong 2018*
One of the oldest Wall Street adages dictates: So goes January, goes the year. After the S&P 500s gain of almost 6 percent in the first month of 2018, that should mean the rest of the year will follow suit. Since 1950, there have been only nine major contradictions to the so-called January Barometer, according to the Stock Traders Almanac whose founder, Yale Hirsch, devised the indicator in 1972.
*THE WALL STREET JOURNAL: Economic Expectations Drive U.S. Consumer Confidence Higher*
The Conference Board said Tuesday its measure of U.S. consumer confidence rose to 125.4 in January from 123.1 in December. Economists surveyed by The Wall Street Journal had expected a January reading of 123.0. The increase in the Conference Board measure was fed by higher consumer expectations about the economy, as the expectations index rose to 105.5 in January from 100.8 last month. Consumers view of current conditions decreased slightly to 155.3 in January from 156.5 in December.
*WASHINGTON EXAMINER:* *U.S. Oil Production Hits 10 Million Barrels per Day for First Time Since 1970*
U.S. oil production hit 10 million barrels per day in November for the first time since 1970, highlighting the power of shale oil and natural gas boom. More than 6 million of those barrels came from shale, the Energy Information Administration reported Wednesday.The surge comes as the Trump administration has promoted energy dominance by taking a lighter touch to regulation, and used its first year to scrap or delay a number of Obama-era regulations targeting fossil fuel development.