The U.S. Labor Department announced that the economy created 138,100 new jobs in May and that the unemployment rate stood at 4.3%. It was the 80th straight month of positive job creation in the economy that ended the great recession of 2008. Several economist expressed their disappointment in May's job numbers because earlier predictions talked about 180,000 jobs being created for May.
The Labor Department also reported that job creation for March and April was lower than reported for those two months. This writer does not believe the job numbers tell a definitive story yet but the time is slowly approaching a point that will provide information as to where the economy is going. The negative so far after over 4 months in office by the Trump administration is that no real legislation has passed congress concerning the economy, job creation or fiscal matters and most of Trump's executive orders have been regressive.
Over all, the economy has continued to grow steady since the end of the great recession with no wild swings in either direction. The real question to be answered is the one this writer raised in a "PolitiDose" commentary concerning Trump's policies and legislation. Will it be one of progress that improves on the economy and make it better or will it all be a policy of regression. So far the Trump administration actions has been dormant on the economy and its plan to move the country and its people forward.
And the President's reported statement that he will create 20,000,000 new jobs without any indications how he will do that rings hollow. Coupled with the fact that past republican administrations are just not good at governing or creating good economic times and are not good at job creation or balancing the federal budget tells this writer not to get his hope up.
One thing is for sure, time will be the final judge.
This commentary was written by Joe Lorio
