The U.S. Labor Department announced that the Economy added 528,000 jobs in July and the unemployment rate came in at 3.5%, down from 3.6% in June. It was the 18th straight month of positive job growth for the economy under the Biden administration and the unemployment rate stands at a 50 year low. Hourly wages were up 0.5% in July and up 5.2% over the same period last year. The Department also announced that June's job creation was 398,000 instead of the 372,000 first reported.
The good jobs report tells us the U.S. economy is still producing despite all the negative reports in the media who for the last several months has tried to sell recession talk to the public and an economic crash. Those negative voices were predicting July's report would show 250,000 jobs created but were wrong as they have been all year. Unfortunately, the media has been the enablers of the negative voices and have nothing to offer the people concerning the positive on the economic recovery from the GOP's economic recession of 2020.
President Biden and the democratic party understand that there is no such thing as a self-sustaining economy and have more economic legislation planned that will help the economy continue to grow, provide jobs, lower the unemployment rate, reduce deficit spending, answer the call on climate change and keep America and its people safe.
The main threat to the economy is inflation, which cannot be sustained on its present course very much longer. The threat comes from the negative voices in the GOP, the conservative media and those who want to see the President and the country fail. They, along with many financial institutions are urging the Federal Reserve to raise interest rates fast and high to address inflation and know that would throw the economy into a recession of their own making. They will continue to lie, give out misinformation and obstruct to reverse the success of the President's policies in favor of their own failed past.
And all the economic good news and the noise machines negative response was predicted and foretold here in past Politidose commentary even before President Biden took office. It was all laid out for everyone to read 12/7/20 in commentary titled, "Joe Biden: The 46th President of the United States" and 1/23/21 titled, "What Will The New Year Bring Politically: The United States: Past, Present and Future. And that really says it all.
This commentary written by Joe Lorio
