Sunday, September 3, 2017

Job Creation and The Unemployment Rate For The Month of August

The U.S. Labor Department reported the economy created 156,000 jobs in August and the unemployment rate came in at 4.4%, up from the 4.3% in July.  It was the 83rd straight month of positive job growth for the economy.  The Department also reported job growth for June and July was revised down by 41,000 jobs.  Most economist were expecting job creation to be in the 180,000 range for August.

Hourly wage growth was up 2.5% on average the past 12 months.  Usually when unemployment is in the 4% range the average wage growth is between 3.5 and 4% the Department reported.  Trump called the Labor Department's job creation numbers during the Obama administration fake and now brags about the job creation numbers since he took office.  He said the same thing about the unemployment rate.

September 30 will actually end President Obama's last fiscal year and the federal governments 2016-2017 fiscal year.  And October 1 will begin Trumps very first fiscal year and after the republican controlled congress passes Trumps first fiscal year budget when they return to work this week, the American people will see how the future plays out economically and politically.

Because of Trump's behavior the past seven months as President and the failed economic record of previous republican administrations, this writer is not optimistic.  But hope is eternal.


This commentary written by Joe Lorio


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