The U.S. Labor Department reported the U.S. economy created 157.000 new jobs in July, down from the previous month and the unemployment rate came in at 3.9% It was the 94th straight month of positive job growth for the economy. Wages continued its slow growth rate and was lower than the rate of inflation. Economist were looking for a job growth of 195,000 for July.
In Trump's first 18 months in office thru July 3,297,000 new jobs have been created for a monthly average of 183,166 per month. In President Obama's last 18 months in office 3,569,000 new jobs were created for an average monthly total of 198,277 new jobs per month. So the explosion of new jobs that was supposed to take pace because of Trump's tax cuts, never took place and job creation under President Obama has so far out paced job creation under the Trump administration.
On another related note Trump's treasury department announced they will have to borrow $769 billion for the second half of 2018 because of revenue shortfall and increased expenses. It will be the highest borrowing number since the great republican recession of 2008. Trump's so called booming economy and tax cuts predictions continue the GOP fairy tale ideology of voodoo economics. And Trump and the GOP will make matters worse if they pass their plan to cut the tax rate on investments as Trump announced earlier in the week. This is a President and a party who love corporate America and the wealthy.
NOTE: The U.S. Labor Department also reported that job creation for May and June were amended to add an additional 54,000 jobs. The 54,000 jobs added were not added to the above numbers for Trump as no additions were added to Obama's totals. The additions when added to both would not change the outcome of Obama's lead in job creation during that period of time.
This commentary written by Joe Lorio
No comments :
Post a Comment