The U.S. Labor Department reported the economy added 372,000 jobs in June and that the unemployment rate was unchanged at 3.6%. It was the 17th straight month of positive job growth for the Biden administration. (Feb 2021-June 2022). According to previous Labor Department reports approximately 8.7 million jobs have been added to the economy in Biden's first 17 full months in office. By comparison, 6.6 million jobs were added to the economy in Trump's first 36 months in office and that was before anyone ever heard about COVID or a pandemic.
Prior to the release of the job numbers, the negative noise machines were predicting lower job numbers and that the June numbers will be a make or break month for the economy. It certainly was not a break month for the economy. But the negative noise machine will shake off the good news and continue to talk about an economic recession and doom and gloom for the economy. Their goal is misinformation because they want to see America fail under the Biden administration. They hate the President's policies to transit away from big oil, his support for higher wages, his support of unions and policies that support the middle class. The people should remember it is the negative news calling for the Feds to raise interest rates high and faster which could cause an economic recession.
The good job numbers for June was followed by a report from Freddie Mac that the 30 year home mortgage interest rate fell to 5.3% from the 5.7% level. The negative noise machine was reporting surging interest rates would hit 7%. But for the record, the average yearly 30 year home mortgage rate from 1971-2022 averaged 7.7% annually. So where is the surge? Those are the kinds of words used to try to sucker the people to have a negative view of the economy.
The Department also reported that all the private sector jobs lost during the pandemic has now returned to work with more to spare. Job creation for June was broad based over all sectors of the economy and manufacturing added 29,000 jobs and now has more jobs than before the pandemic. June's wages increased 5.1% from the same period last year. The latest numbers confirm that the President's policies are working and that so far, this economy is one of the best following a devastating recession and record job losses.
And it was all predicted here in "Politidose" commentary before the President took office and a short time after. The reasons were there for all to see by those who pay attention to the past records of democratic administrations and check the facts. The GOP, the conservative media and the pundit's negative noise machine were not happy with June's job numbers report by the Labor Department.
And once again, it is a democratic administration's policies that is driving the economy and moving the U.S. economy forward for progress.
This commentary written by Joe Lorio
