The U.S. economy created 209,000 jobs in July, down from the 222,000 jobs in June and the unemployment rate came in at 4.3% . It was the 82nd. straight month of positive job growth as the economy continues to move forward. The Labor Department announced that economic conditions are still broad based and with momentum.
Trump said that many companies are moving back to the U.S. with more to come that will create jobs. Those jobs do not show up in the stats yet because Trumps words have not turned into facts yet. There is nothing new on NAFTA as far as changes that Trump said would be made nor has there been any agreement with China on trade.
Sooner or later those factors will have to be considered when decisions will actually take place. And those decisions could affect the economy in a positive or negative way. Until that comes about the economy needs to stay on a healthy path. The most important thing to watch for now is the time it takes Congress to move forward on legislation that impact the economy and job creation.
Congress does not return to work until after Labor Day and already some republicans are saying no major legislation will happen this year. That should be unacceptable because 7 months have already been wasted.
This commentary written by Joe Lorio
