The U.S. Labor Department announced that the U.S. economy lost 33,000 jobs in September. That was the first negative jobs report since 2010 and ended the record of 83 straight months of positive job growth. Unemployment came in at 4.2%. The leisure and hospitality industry lost 111,000 jobs, the most since 1945.
One financial institution said the loss of jobs should be a temporary thing and some economist were expecting a job increase for September of 80.000 jobs even with hurricanes Irma and Harvey. One month of negative job numbers standing alone is not a good measure as to where the economy is going or the ability of the economy to continue to create jobs.
But it is enough to call to mind that republican administrations have a poor record on the economy and job creation. And Trump has yet to address the economy with any legislation, only his rhetoric and he has been in office over 8 months. Another problem is Trumps recent executive order to undo parts of the ACA that he and his party failed to do through congressional actions. It was pointed out by many economist long ago that the ACA created jobs.
The bottom line is the President is late in addressing the most important issue, the U.S. economy and jobs. Every thing else flows from that and forms the basis of meeting the other challenges that face the country and its people. President Obama faced a more difficult problem in his first 8 months in office and responded with policies that moved the country out of the great republican recession.
We will soon find out how concerned President Trump is with September's Job numbers.
This commentary written by Joe Lorio
