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March 13, 2018

CHANGE: Working Again: A Flood Of Americans Back Into The Workforce.

U.S. businesses have been searching high and low for workers. Friday’s jobs report from the Labor Department says that in February Americans came back into the labor market in droves. It’s hard to find a bad word to say about this latest economic reading, which exceeded almost all expectations.

The U.S. economy added 313,000 jobs, the most since July of 2016. Perhaps just as encouraging was the surge in people eager to get to work. The Journal reports:

More than 800,000 Americans joined the labor force for the month, according to the report, many bypassing unemployment and jumping straight into jobs. It was the largest one-month increase in the labor pool since 1983, outside months that included one-time Census hiring.

1983 marked the start of the Reagan boom. It’s still way too early to compare this economy to that one, but the current surges in job creation and in the number of willing workers are remarkable, arriving so late in what had been a historically slow recovery.

The big surge in the labor force is just not supposed to happen according to the new normalists—the secular stagnators who keep telling us a slow-growth economy is as good as it gets. It’s the same crew of former Obama economic advisers who say that we can’t enjoy robust growth in the labor force because too many Baby Boomers are retiring. But last month Americans weren’t listening.

Well, stay tuned. I’m certainly not tired of winning yet.