95,000 of the 235,000 new jobs were in goods-producing industries, including 9,000 in mining and logging, 28,000 in manufacturing and 58,000 in construction. That’s the biggest increase in goods-producing employment in 10 years. Welcome to the Trump Economy.
The parallel Household Survey shows a gain of 447,000 in monthly employment. The household data, based on a telephone survey (as opposed to reports from companies in the more widely cited payrolls survey), are volatile, but the big discrepancy still is worth thinking about. We’ll see if there’s any revision of the payrolls number next month.