The U.S. Labor Department reported the economy lost 23,000 jobs in July and that the unemployment rate came in at 4.1%. it was the second month this year that the economy lost jobs. In the first 7 months of the year a total of 547,000 jobs has been created for a monthly average of 78,142, a pitiful number and in line with Trump's economic problem of job creation. The department also announced that unemployment would have been higher but people dropped out of the job market and the Department does not count them as being unemployed.
Comparing Trump's 7 months in his second year compared to Biden during the same period of time you will find that in July 2022, 528,000 jobs were created and the unemployment rate was 3.5%. In Biden's first 7 months total job creation was over 3 million.
At this point in time, Trump has served as President a total of 5 years and 7 months and job creation during that time stands at a negative 2 million plus jobs. Not only a pitiful job creation record, but the only President to lose jobs since Herbert Hoover during the great depression. The Department also announced that wages increased 3.2% in July over July of last year, the lowest increase since 2021 during COVID.
\The above picture will never be told by the news media, Trump, his party or the so called business news hours of several networks who are telling everyone the economy is booming. So, stay tuned to PolitiDose, your daily dose of political commentary.
This commentary written by Joe Lorio
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