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New jobs report is good news for economy and Trump

July 06, 2019

On Friday, the Labor Department reported that 224,000 jobs were added in the month of June, a strong rebound from May’s numbers.

The reported figure was larger than expected, with the manufacturing sector adding jobs at the fastest pace since January. This marks the longest economic expansion on record.

“Our country’s doing unbelievably well economically,” the president told reporters on Friday.

Trump’s celebration was marked with a stern message to the Federal Reserve, saying economic growth would “be like a rocket ship” if they were to cut interest rates.

“Strong jobs report, low inflation, and other countries around the world doing anything possible to take advantage of the United States, knowing that our Federal Reserve doesn’t have a clue!” the president tweeted. “They raised rates too soon, too often, & tightened, while others did just the opposite….”

“….As well as we are doing from the day after the great Election, when the Market shot right up, it could have been even better – massive additional wealth would have been created, & used very well. Our most difficult problem is not our competitors, it is the Federal Reserve!”

Average hourly earnings rose 3.1% in June compared to last year. Unemployment rose slightly from 3.6% last year to 3.7%, though it still remains at a nearly-50-year low.

The latest job figures show an economy is progressing at a steady pace, with the housing market still appearing intact as well as layoffs remaining at a near record low.

– MK. II

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