Investment in capital goods increased by 3.3 percent for the month, which is not an annualized figure. Hassett cited this trend as evidence that the growth in factory construction is accelerating. In April, construction added 9,000 jobs, with nonresidential specialty trade contractors experiencing some of the strongest gains in the sector.

Hassett emphasized that the acceleration in factory construction and industrial investment is likely to result in additional hiring downstream.

When 62 out of 65 ‘economists’ get the monthly growth figures wrong (again), you have to ask yourself a couple of questions: 1) Do they all have TDS and is that affecting their ability to read the labor markets? 2) Who really has a better read on labor and jobs markets, them or President Trump, the latter of whom has created jobs and built things his entire life?