The U.S. Labor Department reported that the U.S. economy created 136,000 new jobs in September and that the unemployment rate came in at 3.5%. The Department also reported excluding government hiring the private sector job gains over the past three months have slowed to an average of 119,000 a month, the weakest showing in seven years. Wage growth also slipped in September. In a separate statement the Department reported the average monthly job creation so far in 2019 is 161,000 while in the year 2018 it was 223,000. The trend relates to a slower economy with weaker job numbers.
So for the first 32 months in office under Trump the economy has created 5,861,000 jobs for a monthly average of 183,156. In President Obama's last 32 months in office the economy created 6,862,000 jobs for a monthly average of 214,438. So job creation under the Trump economy continues to lag compared to the job creation under the Obama economy by over 1 million jobs. The Trump economy is underperforming past democratic administrations but that is nothing new to the readers of PolitiDose.
President Trump is still trying to blame the federal reserve for the slowing economy and job creation because of the way they have handled the interest rates. But the real answer is Trump's lack of a real plan or policy concerning the economy and in fact Trump does not govern by plans or policy. His method of governing is a corrupted business ideology. And by the way to those who believe the stock market will collapse if Trump is impeached like he continues to say, just remember the following facts.
The market's DJIA at the end of President Obama's first 32 months in office increased at a much greater percentage than it has at the end of Trump's first 32 months in office and by a wide margin. (which was covered by a previous article in PolitiDose) And history tells us the market does better on the Democratic watch than on the republican watch, despite the republicans tax cuts that benefit Corporate America and the wealthy.
The story has been told many times in PolitiDose, your daily dose of political commentary.
This commentary written by Joe Lorio
