The U.S. Labor Department reported the economy created 224,000 jobs in June and that the unemployment rate came in at 3.7%, up from the 3.6% in May. It was the 105th straight month of positive job growth. As usual, June's job numbers brought mixed remarks from economists. Those who follow the stock market said what the federal reserve does on interest rates later this month will determine where the market goes despite the job numbers.
So in President Trump's first 29 months in office a total of 5,431,000 jobs have been created for a monthly average of 187,275 jobs. In President Obama's last 29 months in office 6,223,000 jobs were created for a monthly average of 214,586 jobs. So job creation continues to lag under the Trump administration despite his rhetoric, his tax cuts, his bragging and his predictions. And if one believes the glowing reports about the booming economy and stock market by the regular news media and the Trump administration and how Trump's policies are working, think again. The numbers show the news media are out of touch with the good job President Obama did on the economy, jobs and the stock market while inheriting the worse economic conditions since the great depression. They showed President Obama no respect.
As for the so called booming stock market today, try this on for size. When President Obama took office the DJIA stood at 7949 and at the end of his first 29 months in office the DJIA stood at 12,261, a gain of 54%. When Trump took office the DJIA stood at 19,827 and at the end of his first 29 months in office it stood at 26,600 on 6/28/19 a gain of 34%. But you will never see or hear the news media make the comparison and state the facts. They prefer to be dishonest with the people and go with the flow of the fairy tale life they live in. They have given Trump so much press and air time there is little left to have a dialog with America and inform the people.
President Obama sleeps well knowing of his accomplishments and the fact that he led the country out of the republican party's great economic recession. And despite all the good economic outcomes Trump inherited from President Obama, Trump still lags behind in his first 29 months in office.
This commentary written by Joe Lorio
