The U.S. economy created 215,000 new jobs in July and unemployment held at 5.3%. So far this year the average monthly job growth averaged 211,286. The government also announced that an additional 14,000 jobs were added in May and June over the original number reported.
Average hourly earnings in July were up 2.1% compared to last July. Monthly average of people seeking unemployment benefits is near a 15 year low. The reports indicate the economy continues to add strength and financial people are reporting that the Federal Reserve will probably be raising interest rates in the near future if the economy continues to improve.
President Obama's economic policies continue the precedent of democratic administrations before him in creating jobs and moving the economy forward. What a contrast to the economic collapse during the Bush 43 administration and the present republican party's position of doing nothing to help the President's agenda.
It is worth repeating, democratic administrations policies create jobs while republican administrations kill jobs because of their conservative ideology. The record says it all.
This commentary written by Joe Lorio
