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Looks like the last month of Bidenomics was even worse than we thought. The February jobs numbers are out this morning, and the January jobs numbers were revised down to 125,000 jobs added. That's down sharply from the originally reported 143,000.
In contrast, in February of President Trump's second term, the economy added 151,000 jobs. The sector with the most growth was health care, which added 52,000 jobs. Financial activities also saw some major growth with 21,000 jobs added.
Wages also seem to be on the rise, with an average hourly earnings increase of 0.3%; that's right in line with expectations. The year-over-year wage increase, however, fell just short of expectations, coming in at 4% rather than the expected 4.2%.
Overall, job growth came in short of the expected 170,000, but that might not be such a bad thing. A major factor in job growth coming up short was the loss of around 10,000 government jobs, which may be the result of Elon Musk's efforts along with DOGE to cut government waste.
Economist Jerry Storch told Fox Business this morning that this is good news. He said, "We know inflation was caused by excess government spending, so we need to reduce that spending. To have a chance at controlling inflation, jobs need to be in the private sector where they can be more productive."