President Trump’s recovery continues into 2020. CNBC is reporting some impressive numbers for January, which is typically a month when businesses shed jobs added for Christmas. They’re calling it the best monthly gain in private payroll since May of 2015.
The jobs market kicked off 2020 in grand fashion, adding 291,000 in private payrolls for the best monthly gain since May 2015, according to a report Wednesday from ADP and Moody’s Analytics.
Good news for workers and the economy as a majority of this increase came among small businesses.
ADP and Moody’s expect the official unemployment numbers released Friday, which include public sector jobs, will hold at 3.5% the lowest unemployment rate since 1969.
From a size standpoint, the expansion was concentrated in businesses that have 50 to 499 employees, with growth of 128,000. Small companies added 94,000 while large industries grew by 69,000.
The figures come a day after President Donald Trump spent a good portion of his State of the Union address talking up the jobs expansion during his first term. Nonfarm payrolls have grown by 6.7 million since Trump took office in January 2017.
If you’ve not yet watched the Presidents 2020 State of the Union we’ve got it here. If you’d like a taste, here is an excerpt on jobs, from part of the first few minutes. (Share it with your Democrat “friends.”)
The unemployment rate is the lowest in over half a century.
Incredibly, the average unemployment rate under my Administration is lower than any administration in the history of our country. If we had not reversed the failed economic policies of the previous administration, the world would not now be witness to America’s great economic success.
The unemployment rates for African-Americans, Hispanic-Americans, and Asian-Americans have reached the lowest levels in history. African-American youth unemployment has reached an all-time low.
African-American poverty has declined to the lowest rate ever recorded.
The unemployment rate for women reached the lowest level in almost 70 years — and last year, women filled 72 percent of all new jobs added.
The veterans’ unemployment rate dropped to a record low.
The unemployment rate for disabled Americans has reached an all-time low.
Workers without a high school diploma have achieved the lowest unemployment rate recorded in United States history.
A record number of young Americans are now employed.”