The Bureau of Labor Statistics’ jobs report came out today, and it wasn’t as optimistic as the ADP jobs report was.
The BLS’ report showed a gain of 103,000 jobs, over 200,000 less than the ADP’s report earlier this month.
Average hourly wage saw an increase of 2.7% last month compared with the report of March 2017, indicating a moderate sense of satisfaction among the workforce.
While the BLS revised its January and February reports down by several thousand, the economy has added an average of 211,000 jobs in the last six months.
While the labor force thrives in these respects, it remains stagnant in another. The labor participation rate has not moved from its initial percentage of 62.9%, meaning just over half of the labor force is actually working.
The labor participation rate has seemed to remain the same since the president’s election, and there are no signs of it getting any higher. While the tax cuts were passed late last year and are expected to give workers long-awaited benefits including raises and company bonuses, the legislature has not done anything to fix our government benefits programs. Until we get massive reforms done to welfare and other government benefit programs, the labor participation rate will continue to remain the same.
Today’s jobs report show a gaining economy, but there is still a lot of work to be done, and hopefully we can do it after the midterms. Getting reforms done before the midterms would be greatly beneficial, but with the amount of Democrats in the Senate, it seems unlikely.