I never did notice the extremely-partial government “shutdown,” but some people thought it was a big deal. Not private employers, apparently:
Private payrolls grew in January at a much faster pace than expected as the labor market shrugged off the longest U.S. government shutdown in history, according to data released Wednesday by ADP and Moody’s Analytics.
“Shrugged off”? I don’t know, maybe they welcomed it.
Companies added 213,000 jobs this month, the data show. Economists polled by Refinitiv expected payrolls to grow by 178,000.
The strong jobs growth comes even as the U.S. government was shut down for 35 days in a standoff between President Donald Trump and congressional Democrats over his demand for a wall along the U.S.-Mexico border.
“The job market weathered the government shutdown well. Despite the severe disruptions, businesses continued to add aggressively to their payrolls,” said Mark Zandi, chief economist at Moody’s Analytics.
“Weathered.” “Despite the severe disruptions.” Really? What disruptions were those? Did they consider that a brief respite from a small portion of government heavy-handedness may have been irrelevant to job growth, or even a positive factor? Evidently not.
In any event, economic growth continues apace.