The U.S. Labor Department announced that the economy added 146,000 jobs in June and the unemployment rate came in at 4.1%, it was 4.2% in May. It was the 53rd straight month of positive job growth. A few days earlier, the Commerce Department announced the June inflation rate came in at 2.3%. up from 2.1% in May and that incomes were down 0.4%. We can now compare the first 6 months of Trump's administration to the first 6 months of the Biden administration on job creation and unemployment.
In Trump's first 6 months in office, 889,000 jobs have been created and in his 54 months as President (48 months in first term, 6 months in second term) a total of 1,811,000 jobs have been lost. (2,700,000) jobs lost his first term, 899,000 jobs gained in second term. The unemployment rate when Biden left office was 4% and the unemployment rate in June was 4.1%, so, unemployment was up 0.1% in Trump's first 6 months in office.
In Biden's first 6 months in office 2,974,000 jobs were created and no jobs were lost on Biden's watch. The unemployment rate was 6.3% when Trump left office and at the end of Biden's first 6 months it was 5.9% so unemployment was down 0.4%. The GDP numbers for the second quarter of 2025 will not be released for several weeks before we know what the numbers show.
We do know that consumer spending in May was down 0.1% from April and there are projections that it will stay flat because of Trump's tariff wars that are still in progress. The weak job creation numbers that the republican party are well known for are being played out early in Trump's second term. This type of information the media never talks about because they are the bearers of Trump and the GOP's misinformation campaign.
So stay tuned to PolitiDose for your daily dose of political commentary.
This commentary written by Joe Lorio
No comments :
Post a Comment