The U.S. Labor Department reported the U.S. economy created 304,000 jobs in January and that the unemployment rate increased to 4% from the 3.9% in December. It was the 100th straight month of positive job growth. The department also reported (1) Average hourly earnings rose only 0.1%, the smallest since 2017. (2) The 312,000 jobs that were reported to be created in December was revised down big time to 222,000 jobs.
For Trumps first 24 months in office a total of 4,653,000 jobs have been created for an average of 193,875 jobs per month. In President Obama's last 24 months in office a total of 4,931,000 jobs were created for an average of 205,458 jobs per month. Note: As mentioned before the numbers do not reflect the corrections made by the Department of Labor that they make from time to time and does not really change the difference a significant amount.
Other economic and fiscal news released this week reported: (1) The federal budget deficit for this fiscal year which ends 9/30/19 will show another large increase from last years federal budget deficit. (2) The Trump-GOP tax cut did not change Corporate Americas plans for hiring or expansion. (3) New Jersey increased the minimum wage to $15 an hour to be implemented in steps over a certain period of time.
Over 20 states have now raised the minimum wage since the democratic party raised the issue and guess what? The sky is not falling as the republicans predicted.
This commentary written by Joe Lorio
