The U.S. Labor Department reported the economy created 201,000 new jobs in August and the unemployment rate was unchanged at 3.9%. It was the 95th straight month of positive job growth and the economy continues the expansion that began during the Obama administration. The Labor Department also reported that job creation for June and July was actually 50,000 less jobs than they reported for those two months.
In the 19 months Trump has been President, 3,498,000 new jobs have been created for a monthly average of 184,185 jobs. In President Obama's last 19 months in office from July 2015 to January 2017, 3,784,000 new jobs were created for a monthly average of 199,157 jobs. So even though President Obama left President Trump a much better economy and job creation than President Bush left Obama, job creation under Trump still lags President Obama's production. Plus the CBO has already announced that the federal deficit for Trump's first fiscal year which ends September 30 will be a whopping $900 plus billion. It was $666 billion at the end of Obama's last fiscal year budget.
Trump's tax cuts, tariffs and pro business agenda has failed to produce the boom he predicted so far after 19 months in office. Stay tuned and do not be surprised if an economic down turn occurs.
This commentary written by Joe Lorio
