The Associated Press is reporting that there were 209,000 jobs created in the month of July. That upward trend marks two consecutive months of solid growth. The unemployment rate dropped to 4.3 percent, too. Many are heralding this as a sure sign of the economic prosperity promised by Donal Trump.
Excellent Jobs Numbers just released – and I have only just begun. Many job stifling regulations continue to fall. Movement back to USA!
— Donald J. Trump (@realDonaldTrump) August 4, 2017
The Labor Department notes that the 4.3 percent unemployment rate marks a 16 year low. All good news for a President desperate to shift the emphasis away from election collusion scandals and onto his positive effect on the country.
On the flip-side, there was slower growth in paychecks. The hourly rate in July was 2.5 percent higher than it was in the same month in 2016. Growth should be in the 3.5-4 percent range for unemployment this low.
Yet optimism is still high. As the AP reports, “Amazon held a nationwide ‘hiring day’ Wednesday in an effort to fill 50,000 jobs.”
At the same time, Trump was boasting about a deal struck with Apple to bring more manufacturing into Wisconsin.Toyota and Mazda are also planning US expansions.
Total averages for 2017 are actually a bit lower than those of 2016. To date, we’re averaging 184,000 a month. 2016 saw 187,000 monthly.
Overall, hiring this year has averaged 184,000 a month, roughly in line with 2016’s average of 187,000.
Other indicators are holding steady. Home buying, the AP reports, is “healthy,” though they note that new car sales are in a slump.
All-told, the economy is growing. The second quarter saw a 2.6 percent growth. That’s up from the first quarter’s 1.2 percent. When averaged, that’s not so hot. Yet there’s two more quarters to go, and at this rate, the end could be very positive for the president.