Trump’s Popularity Soars to 51% as Roaring Economy Takes Off
Don’t look now, but President Trumps popularity is appearing to be skyrocketing.
But of course everything is relative.
Over the past few weeks, the president has seen his popularity “soar” as high as 51 percent, according to one poll conducted by Rasmussen Reports.
While that might not sound like much, it does represent a majority of those being polled–and it is a major increase from the president’s low points, which include approval ratings of 35 percent.
Trump has certainly had his ups and downs since taking office last year. He’s continued his public feud with the media. He’s fired several key members of his staff. He’s had his decision-making questioned by a former F.B.I. director. And he’s struggled to develop deal with other leaders from around the world, including Russian President Vladimir Putin, Mexican President Enrique Pena Nieto and even Canadian Prime Minister Justin Trudeau.
On the other hand, the economy has been growing steadily lately–and that might explain why the president’s popularity is on the rise.
Campaign promises do come true
Most people roll their eyes when a political candidate makes promises, and that’s certainly understandable. After all, most of the promises often turn out to be empty.
While candidate Trump was running for president, he made an array of promises related to the U.S. economy. First, he said he would produce jobs. Second, Trump said he would cut taxes. Third, candidate Trump said he would do away with regulation. And finally, he said America would come first.
So far, so good.
In the first year and some change of his presidency, it looks like President Trump is remaining true to the promises made by candidate Trump.
And the economy (as well as the people president Trump represents) are responding.
Payrolls on the rise
Companies are hiring. That’s the message the American public received in March, anyway, when 241,000 positions were added.
This increase in private payroll was largely driven by growth in employment opportunities in construction and manufacturing, according to a report published by Moody’s Analytics.
It also outpaced projections.
According to economists surveyed by Reuters, most expected that report to show that private payrolls grew by 205,000.
This is good news for employees and employers alike, especially because March marked the fifth consecutive year that private payrolls increased by at least 200,000.
“The job market is rip-roaring,” said Mark Zandi, Moody’s Analytics’ chief economist. “Monthly job growth remains firmly over 200,000, double the pace of labor force growth. The tight labor market continues to tighten.”
Where the jobs are
While many of the new jobs that are among the highest paying were in construction and manufacturing, those weren’t the only industries that saw growth.
In reality, job gains were spread across both business size and sector.
- Service providers led the way by adding 176,000, including 44,000 in the professional and business areas; 40,000 in trade, transportation and utilities; 28,000 in health care and social assistance; and 26,000 in hospitality;
- Goods-producing industries added 65,000;
- Construction added 31,000; and
- Manufacturing added 29,000.
Most of the job growth occurred in mid-sized firms that have between 50 and 499 employees. These medium-sized organizations proved to be the top job-producers, accounting for 127,000 new hires.
Large firms added 67,000 new hires, and small businesses increased by an impressive 47,000.
This all adds up to a lot of good news for the country’s economy–something both businesses and employees seem to be getting used to since President Trump was elected.
Five months of steady job growth is impressive, especially when you consider that it’s something that hasn’t happened in a long time.
The last time the economy saw even three months of sustained payroll growth was between June and August of 2017. That’s when month-over-month increases in private sector jobs went from 192,000 to 198,000 to 228,000.
It certainly appears the economy is living up the campaign promises Trump made while he was running for president.
This isn’t necessarily something people expected. While Donald Trump the businessman certainly had an extensive track record of success, no one knew what Donald Trump the president would bring.
On top of that, he came into office at a time when the country, its employees and its businesses were slowly coming out of the dark forest of economic uncertainty that was the Great Recession.
In fact, the economy had been showing signs of recovering for more than eight years. Sustaining such robust growth is difficult in the best of circumstance, but it becomes even more challenging when you consider geo-political instability around the world, domestic issues and the issues related to transitioning into a leadership position.
But President Trump has made it work–and the future seems to look bright.
Estimates for the future
The job growth in March was impressive for a variety of reasons. Not only did it mark the fifth consecutive month of increased payroll that topped 200,000, but it also beat analyst predictions.
Wall Street experts estimated growth of 205,000.
These strong ADP reports are positive all around, but it should be noted that they can sometimes cause economists to adjust their numbers just a bit.
For example, the ADP/Moody’s report came just two days before the Bureau of Labor Statistics released its nonfarm payrolls report. The Wall Street experts were looking for growth somewhere in the area of 185,000 and a decline of unemployment to 4 percent, which would be down from 4.1 percent.
While the two counts from the two reports often differ slightly, both signify that the economy is heading in the right direction–and that the country’s labor market is doing well.
“The U.S. labor market is in excellent shape in early 2018,” Faucher said. “With the economic expansion set to become the second-longest in U.S. history, approaching nine years, the job market has fully recovered from the Great Recession.”
That is proving to be extremely good news for employees, companies large and small, and President Trump, who continues to see his approval ratings climb.
If things continue the way they have, experts think the economy will continue to grow.