Companies add 234,000 jobs in January, buttressing Trump claim

By Dennis FitzgeraldEconomic IndicatorsFOXBusiness

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U.S. companies added 234,000 jobs in January, a report from ADP Research Institute said Wednesday, a day after President Donald Trump touted labor market strength in his first official State of the Union address.

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Economists surveyed by Thomson Reuters had projected that private payrolls would grow by 185,000.

“Since the election, we have created 2.4 million new jobs, including 200,000 new jobs in manufacturing alone,” Trump said Tuesday.

The ADP report was published two days before the Labor Department’s payrolls report, which includes data from both the public and private sectors.

In addition to pointing to labor market strength, Trump also said in his address that business confidence is high and that the stock market has gained $8 trillion in value.

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Trump showcased Staub Manufacturing Solutions, a Dayton, Ohio, metal fabricator that the White House says has increased employment to 37 from 23.

“They are having their best year in their 20-year history,” Trump said in his address. “They are handing out raises.”

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