Construction jobs were up 58,000, private educational services jobs up 29,000, manufacturing jobs up 28,000. This suggests that lots of employers, small as well as large, are taking the plunge and creating new jobs.
Can I prove that they’re doing so because of perceptions that regulations and taxes will be decreased by the Trump administration? No, and I’m not sure any economist’s statistical model could either. But that sure looks like what’s happening.
Big players in the financial markets seem to think so. Federal Reserve Chairman Janet Yellen suggested the Fed will raise interest rates twice after doing so this month. That’s a significant shift from her longstanding reluctance to increase rates at all for fear of dampening the economy.
JPMorgan Chase CEO Jamie Dimon said Friday that Trump’s program of cutting corporate taxes, building infrastructure and rolling back regulations has unleashed the “animal spirits” — economist John Maynard Keynes’ phrase — of businessmen. “Even if he gets part of it done,” Dimon, a Democrat and Hillary Clinton contributor, told Bloomberg News, “it’ll be good for growth.”