President Donald Trump vowed on the campaign trail to bring back manufacturing jobs, and he has done just that.
The U.S. Bureau of Labor Statistics released its December jobs report last week and it shows that the economy added 312,000 new jobs, which was much stronger than many of the “experts” predicted.
In addition to the impressive jobs report, the Federal Reserve announced it would be patient with rate hikes and the stock market has been soaring.
As detailed in a piece by Forbes contributor Chuck DeVore, one of the most striking revelations from that report was that manufacturing jobs have grown 714 percent faster under Trump than when former President Barack Obama was in office.
Here are two of the biggest standouts highlighted by DeVore:
Manufacturing jobs are growing at a 714% faster clip under Trump than over a similar time under Obama , and;
Under Obama, federal state and local government employment grew 6 times faster than did manufacturing jobs, while under Trump, that ratio has been reversed, with manufacturing jobs growing 5 times faster than government jobs.
Looking at jobs added over the 24 months through this December and comparing that with the last two years of the Obama Administration is illuminating—both for the pace of employment expansion in the late stage of a business cycle, as well as for the composition of the jobs added.
At first glance, the overall employment numbers look comparable, with a little more than 5 million net nonfarm jobs added in the last two years of the Obama Administration compared to more than 4.8 million jobs in the first two years of President Trump’s term.
Looking at manufacturing, the government report noted that 32,000 jobs were added in December with 19,000 of the gain being in the durable goods component. In 2018, manufacturing employment increased by 284,000 with some three quarters of the gain over the year being in durable goods manufacturing, an indication that President’s Trump’s policies are likely causing a shift of manufacturing back to American soil.
Unemployment has also consistently dropped since Trump took office.
DeVore notes that in January 2015, 6.8 million were unemployed.
In December 2018, that number dropped to just over 4.6 million.
DeVore also called out a few liberal “experts” who falsely claimed the economy would crash under Trump:
This is remarkable due to the widespread belief that it wasn’t possible—President Obama himself said in June 2016 that manufacturing jobs “are just not going to come back,” and New York Times columnist and economist Paul Krugman claimed on November 25, 2016, “Nothing policy can do will bring back those lost jobs. The service sector is the future of work; but nobody wants to hear it.”
The report is remarkable given Obama’s famous words in 2016, where he mocked Trump for saying he would bring back manufacturing jobs to America.
Obama claimed the only way those jobs would come back would be if Trump “had a magic wand.”
As it turns out, it appears Trump does have a “magic wand,” because manufacturing jobs have grown 714 percent faster under Trump.