American businesses added a better-than-expected 235,000 jobs last month, dropping the national unemployment rate to 4.7 percent from 4.8 percent.
Rob Fazio, a Fortune 500 and Fox News analyst, said employers are feeling more confident with a pro-business president in the White House.
“CEOs are going into meetings [with President Trump] and coming out with a better sense of where things are going,” said Fazio. “There’s a better line of communication. And that line of communication is business friendly.”
Fazio said the Trump administration’s call for infrastructure spending and tax reform bolsters employment in two industry sectors in particular, construction and manufacturing. Construction added 58,000 jobs, the most in a decade.
Analysts said the strong hike in employment all but assures the federal Reserve will raise rates. But Fazio said he is not worried higher borrowing costs will dampen economic growth.
“Even with increases, rates will still be low,” he said, adding that Wall Street might get spooked a bit but it should slow economic progress. “The markets are not the economy.”
Fazio also noted the increase in wage gains, a byproduct from jobs growth.
The one worry on the horizon: The deepening battle on Capitol Hill over health care reform.
“The politics will be bigger than clarity,” he said.