The Labor Department reported the economy created 164,000 jobs in July, less than the forecast and down from June's numbers. Unemployment remained the same at 3.7%. The pundits were looking for a large rally in the stock market since the federal reserve announced around the same time they lowered the interest rate. Their prediction was with a reduction in interest rates and a good jobs report the DJIA would start another run. Instead, the market dropped over 600 points.
Trump's threat of more tariffs on China beginning September 1 was blamed for the slide of the DJIA. By the way, you will never hear Trump say it and most economist won't admit it but the U.S. is already in a trade war with China. And China let it be known they will retaliate and place new tariffs on U.S. goods. So the trade war that Trump started continues on and the American consumer is paying the price.
After 30 months in office under Trump the economy has created 5,595,000 million jobs for a monthly average of 186,500 jobs per month. In Obama's last 30 months in office the economy created 6,365,000 million jobs for a monthly average of 212,166 jobs per month. So job creation under Trump in his first 30 months in office has failed to even keep pace with job creation in Obama's last 30 months in office. And we also know from other reports that May and June's job creation was adjusted down 10,000 and 31,000 jobs under Trump.
Note: To have a better view of how well Democratic Administrations do with Job Creation and how awful Republican Administrations do see my previous commentary on the subject dated November 5, 2010 titled, Job Creation for Presidential Terms: 1929-2008.
This commentary written by Joe Lorio
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