Too Soon for Trump Victory Lap on Jobs: Critics

Donald Trump promised to be "the greatest jobs producer that God ever created."

On Friday, the U.S. president started taking a victory lap after a report showing that a healthy 235,000 jobs were created in February.

But economists of all stripes warn Trump: It's too soon for a standing ovation.

To speed job creation and boost the economy, Trump wants to slash taxes, fix Obamacare, spend more on infrastructure and revise trade deals with Mexico, Canada and other countries. But none of those plans is even close to coming to pass.

Moreover, 235,000 new jobs isn't exactly a blowout number. Under President Barack Obama, the economy created almost exactly the same number of jobs in the previous two Februaries -- 237,000 in 2016 and 238,000 in 2015.

The White House seized on the report as a sign of great economic progress. Trump's press secretary, Sean Spicer, pointed out the job gains and a slight drop in the jobless rate to 4.7%.

Yet the unemployment rate first fell to 4.7% last May -- around the time Trump was slamming the Obama economy as weak. As a candidate, Trump called the unemployment rate itself a "joke" and a hoax, suggesting that the government was cooking the books.

Now the Trump White House is celebrating 4.7% unemployment as a number that deserves praise. How much credit should Trump get? If there's a consensus view, it's this: The first jobs report was good, but not amazing. The real test is what happens a year from now.

Trump needs to add just over 208,000 jobs a month to get to the 25-million goal he set himself on Inauguration Day. In the very early going, he's on track. But the hard work is ahead.

Adding 208,000 jobs a month won't be possible after awhile, says at least one commentator. There won't be enough workers left to fill the posts, at least not without immigration, something Trump is pushing to limit.