Home page of the New York Times today, the job market is “strong” (top story) and “slow” (just below):
We were informed that Donald Trump’s border closure would destroy the U.S. economy (see U.S. economy defies Science and Immigrants expand our economy, but millions of immigrants exiting the U.S. don’t shrink our economy) and that native-born Americans aren’t willing to work. Yet the number of workers in the U.S. keeps growing even as the number of migrants shrinks and also as the number of federal government jobs shrinks.
The labor market put in a strong showing in March, as wintry weather receded, strikes concluded and businesses started looking beyond the significant uncertainty of President Trump’s first year in office.
[We had certainty under the capable steady hands of Joe Biden and Kamala Harris. Now we have frightening uncertainty]
- Health care dominance: Even factoring in the addition of 31,000 jobs from workers ending a strike in California, the sector continued to lead gains, adding 76,000 positions. Manufacturing, which has been trending down for three years, added 15,000 jobs and construction grew by 26,000.
- Federal government still contracting: The federal government shed another 18,000 jobs in March and is down a total of 355,000 positions, or 11.8 percent, since reaching a peak in October 2024.
Separately, we’ve been told that Donald Trump’s “without any plan” war against Iran would destroy both the world economy and the U.S. economy. Do investors agree with the wise prophets at the New York Times and CNN? Compared to the no-war situation a year ago, U.S. stocks are up 22% in nominal terms (19% in real dollars if we use official BLS CPI):
