CNBC: The Shutdown Didn't Hurt Economy, Jobs Are Booming

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Posted: Feb 01, 2019 9:45 AM
CNBC: The Shutdown Didn't Hurt Economy, Jobs Are Booming

Source: AP Photo/Andrew Harnik

The January jobs report is out today, and, despite the longest partial government shutdown in history, things are looking good. Don't take my word for it. CNBC's Sara Eisen explained why the economy is on the uptick Friday morning. Economists projected about 170,000 jobs added last month, but what we got was well over 300,000. 

What does it all mean, "Morning Joe" anchor Mika Brzezinski wanted to know.

"They mean that the economy is still going strong and that employers aren't really fazed by the shutdown," Eisen said.

"Companies didn't hesitate to hire," she added. "It did not shake confidence."

She had some more numbers to prove it. 

It was "a bumper year for job creation," Eisen continued. The average per month for private employment was in the "2s." The new number is higher than the average for every month of last year. Again, she saw "no effect in terms of hiring for private employers" in regards to the shutdown.

Moreover, more people are entering the workforce. The current participation rate is 63.2 percent - the highest since 2013.

"Wow," Brzezinksi said.

January marked the 100th straight month for job gains. President Trump and other Republicans leaders were stoked to share the news.

The Labor Department noted that the unemployment rate rose from 3.9 percent to 4 percent, but that is largely due to the partial government shutdown. Eisen would "write that off" as a temporary setback.