For John, BLUF: Hope fuels the economy. Nothing to see here; just move along.
This is from the keyboard of Michael Barone, published in The Washington Examiner on 16 March 2017.
Here is Law Professor Glenn Harlan Reynolds' excerpt:
In contrast to the years of the Obama stimulus program, when the bulk of new jobs came in the public sector, it appears that the increase here is in the private sector. Moody’s Analytics says there were 298,000 new private sector jobs in February, far more than the 189,000 it expected.OK, so one swallow does not a Summer make,♠ and this may well be the result of last minutes policies from President Obama and the 114th US Congress.
Construction jobs were up 58,000, private educational services jobs up 29,000, manufacturing jobs up 28,000. This suggests that lots of employers, small as well as large, are taking the plunge and creating new jobs.
Can I prove that they’re doing so because of perceptions that regulations and taxes will be decreased by the Trump administration? No, and I’m not sure any economist’s statistical model could either. But that sure looks like what’s happening.
On the other hand, it could be from expectations unleashed as a result of the November election and a race to capitalize on the new opportunities.
Or, it could be the alignment of the planets.
Hat tip to the InstaPundit.
Regards — Cliff