Forgot Login?   Sign up  
Please select your page

Three things to know before today’s NFP

Labor Department officials will publish the January jobs report at 13:#0 GMT on Friday. It will be the first employment report to publish under President Trump.

Here are 3 things to know before the numbers come out on Friday.


1. Another solid month expected

Economists forecast the economy added 175,000 jobs in January and that the unemployment rate will remain at 4.7%, unchanged from the previous month.

Wage growth has lately been showing signs of life, rising 2.9% in December, the best pace since 2009. Economists expect a similar number on Friday.

Wages have been one of the last things to really turn the corner and move in the right direction since the Great Recession ended in 2009. With unemployment low, experts anticipate wages picking up.


2. Trump called unemployment rate a hoax


In August, Trump slammed the jobs numbers produced by the Bureau of Labor Statistics, a wing of the Labor Department that he now oversees. It's one of the most important measures of the U.S. economy.

Former White House economists say it is a carefully calculated number with no political bias. The formula for the unemployment rate hasn't changed in decades, according to Labor Department officials.

Trump and his cabinet aren't putting much weight on the unemployment rate.

"The 5% figure is one of the biggest hoaxes in American modern politics," Trump said on August 8.

Treasury secretary nominee Steve Mnuchin during his confirmation hearing also said: "The unemployment rate is not real." And labor secretary nominee Andrew Puzder wrote in a 2012 Op-Ed: "The official unemployment rate taken alone has become a very poor indicator of economic growth."

With those comments in mind, it's unclear if Trump will take credit for the unemployment rate on Friday - or make plans to reshape how the number is determined.


3. The march to 25 million jobs begins


Trump may not believe in the unemployment rate but he does plan to be the greatest jobs president of all time.

He's promising to create 25 million new jobs in the next 10 years. That's the highest number of jobs created under any president and would beat the previous high - 23 million jobs during President Clinton's two terms.

As America emerged from the Great Recession, it added 11 million jobs during President Obama's presidency. With the unemployment rate already low and economic growth hovering around 2% per year, economists say Trump will be challenged to fulfill his jobs promise.

Let's not forget, Trump has one more promise: double U.S. economic growth to 4% a year.