BOSTON, Jan 31 ― In his first address to the US Congress, President Donald Trump hailed General Motors Co, Harley-Davidson Inc, Intel Corp and seven other companies as innovators and job creators, predicting they would be among those producing “tens of thousands of new American jobs” and...
Friday, 31 Jan 2020 09:34 AM MYT
Collective employment at Fiat Chrysler Automobiles NV, Ford Motor Co, GM, Harley, Intel, Lockheed Martin Corp, Sprint Corp, Walmart Inc and small biotech Amicus Therapeutics has remained flat at about 2 million workers, the analysis shows. In the same period, total US employment has risen by 4.5 per cent.Most of the companies’ total shareholder return has trailed the S&P 500's 47 per cent advance and sector benchmarks since Trump’s February 2017 speech.
Since he took office, only Fiat Chrysler and defence contractor Lockheed Martin have added a meaningful number of net new workers. For a broader picture, the US economy has produced an average of 193,000 new jobs per month, over the past three years. But even with the benefit of Trump's 2017 massive corporate tax rate cut, that is 14 per cent less than the 224,000 jobs per month created during the last three years of Barack Obama's administration, according to US Department of Labor figures.
The US labour force has grown at an annual rate of 0.5 per cent in the 10 years since the Great Recession ended. But in the other four recent recoveries, annualized labor force growth was more than doubled, exceeding 1 per cent, according to economists at the Federal Reserve Bank of Dallas. “We anticipate it will create 3,000 Intel jobs,” company spokeswoman Chelsea Hughes said. Intel's total return is 99 per cent since Trump highlighted the company in his first address to congress.
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