All signs I have been studying suggested the US economy wasn’t just avoiding a recession to end 2019 but gaining strength heading towards 2020. I shared the message with you just as I have from the moment the Trump tax cuts were proposed. But even I wouldn’t have expected nearly 300k private sector jobs being added in January when unemployment is already at 50-year lows. Yet, that’s exactly what happened.
The 291,000 jobs are the highest number added in nearly five years and when we take a closer look at where the jobs were added we see that there were over 94,000 for small businesses, over 128,000 for medium-sized businesses and over 69,000 for large businesses.
That’s also the best growth for small businesses in years. It’s as good of a sign that there is about the health of our economy. Small businesses are on the front line of the economy. A leading economic indicator. The only way 94,000 new small biz jobs are added is when the cash register is ringing a heck of a lot more. This is a great news story that just keeps getting better.
As for the industries adding the most, we've got #1 Leisure & Hospitality, #2 Education and healthcare and #3 Professional and business services.
Additionally, we saw a surge in construction and manufacturing hiring in January. It's exciting pretty much everywhere you look. There’s no question the US economy is strong and likely is only becoming stronger. With near record-low unemployment, record opportunity and prosperity already, this sets up what should be another outstanding government report Friday.
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