(TNS) As most Americans who pay attention to such things were hyper-focused on the Super Tuesday results for the Democratic presidential nomination, new employment figures for February were announced and they are incredibly positive.
While China continues to reel from the outbreak of the coronavirus and production suffers, U.S. employment rose by 183,000 last month, according to the ADP National Employment Report — more than economists’ forecast of 155,000 non-farm payroll jobs.
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And what’s more, the vast majority of those positions — 133,000 — came from large employers, or those with 1,000 or more workers.
As The Wall Street Journal reported:
The strength in new jobs was once again in the service-producing sector which added 172,000 of the new jobs. The goods-producing sector added 11,000, and that growth was solely from the construction industry. The education and health sector and the leisure and hospitality sector were the two job segments that added the most jobs on the service side.
The February figures come after a gain of 201,000 jobs in January.
What’s more, the markets have begun to bounce back after investors figured out that the United States wasn’t going to be wiped out by coronavirus. And even better news: Markets rose overnight following former Vice President Joe Biden’s big gains on Super Tuesday, as Fox Business reported:
The early gains have the major averages on track to win back a majority of the losses they suffered a day earlier despite the Federal Reserve’s emergency rate cut to insulate the U.S. economy from the new coronavirus. …
Health care stocks, led by the insurers, soared in response to Biden’s big night. The names had been badly beaten down, underperforming the S&P 500, as Sanders, who is an advocate of Medicare-for-all, climbed in the polls.
President Trump has been given high marks by voters for his stewardship of the economy, but confidence was shaken with last week’s coronavirus-induced plunge. Still, markets appear poised to return to Trumpian form, as is his support as the gaffe-prone Biden now appears to be the new Democratic frontrunner.
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