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New Hiring Twice as High as Economists Expected in Gangbusters Jobs Report

The roaring Trump economy shattered job growth expectations in May, according to new data.

May’s jobs report shows that 172,000 jobs were added, according to Yahoo Finance. Unemployment remains at 4.3 percent.

As noted by CNBC, that dwarfed predictions of 80,000 new jobs.

Yahoo noted that the April jobs report, which initially showed 115,000 jobs gained, was revised upward to 179,000 jobs gained, while the March report was updated to show a gain of 214,000 jobs.

Healthcare and hospitality were among the sectors posting growth.

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The Trump administration celebrated the report.

“I think that basically what we’re seeing is an enormous amount of positive momentum in hiring,” Kevin Hassett, the director of the National Economic Council, said, according to NBC News.

Even outside of the White House, the news was hailed as a sign of a strong economy.

Related:

US Job Openings Jump to Well Above Economists’ Projections

“This is a labor market that is stronger than it was last year and is looking pretty darn solid, despite high energy prices and higher inflation generally,” Gus Faucher, chief economist at PNC, said, according to CNBC.

“There’s no indication that the labor market needs support,” he added.

“The hiring recession is over. American firms are hiring again,”  Heather Long, chief economist at Navy Federal Credit Union, said.

“This is a strong jobs report from every angle.”

One expert said the economy is gaining back ground.

“What we’re seeing here is the catch-up from last year where employers were on pause,” Sarah House, senior economist at Wells Fargo, remarked, according to The Wall Street Journal.

A report from human resources firm ADP showed that the healthcare and education sectors are leading a broad-based growth in employment.

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