The U.S. Economy added 187,000 jobs in August as reported by the Labor Department and the unemployment rate came in at 3.8%, it was 3.5% in July. It was the 31st straight month of positive job growth and the 19th straight month of unemployment in the 3% range, the best showing since the Kennedy-Johnson administration over 60 years ago. The Department also announced that wages grew 0.2% in August over July and that year to date wages are up 4.4%.
The Federal Reserve announced that inflation is now at the 3% level, down from the 9% level previously recorded. The negative voices within the Feds, the GOP and Corp. America are now saying that raising the interest rates are the cause of the lower job numbers and the higher we raise them will slower wage growth and lower inflation. Those negative voices have a corrupt economic mentality. They represent the same voices that supported the tax cuts of Reagan, Bush 43 and Trump that deprived the government of trillions of dollars of revenue and each administration gave the country an economic recession.
The Feds under Reagan raised interest rates to the double digit level and unemployment stood in the 10% range for 10 straight months, the highest sustained level of unemployment in over 60 years. Bush 43 left office with one of the worst Job creation records since the great depression and the economy lost 2.7 million jobs on Trump's watch, the worst job creation record since the great depression. The negative voices seem to want the country to revisit those times of hardship for the people.
The economy is still performing and creating jobs, employment ads are still running ahead of pre COVID times and inflation is still falling. What the country needs to hear is the positive news that put America back to work and how it can continue to work for the people. Failed policies of the past and negative voices with extreme rhetoric have never moved the country forward. And that really says it all.
This commentary written by Joe Lorio
