The US economy continues to grow, as we see an addition of around 224,000 new jobs that have been added during the past month of June, according to the Labor Department. This far exceeds the expected 165,000 jobs that were anticipated for the month.
For many, this is an indication the economy is stronger than it has been in a decade or more and it will only continue to expand. It also proves the longer Trump and his Republican administration is in office, we can expect to see the economy do good things.
During the month of May, only around 72,000 jobs were added, which caused many to be concerned about the economy in the US.
May’s low numbers have been suggested to be the effect of many employers within the states being overly cautious about the weakening of the global economy, recent political actions and their impact on trade, and tax cuts that have affected US benefits.
However, it is also noted industries may be having a difficult time finding qualified personnel who are willing to work for the compensation they will be given.
Therefore, June’s much higher than expected numbers seem to be proof that employers are putting those doubts to rest, as the economy booms.
Healthcare and social assistance added nearly 50,500 workers in June. Manufacturers added only 3,000 jobs in May, but in June this number jumped to 17,000.
And in the construction industry, 21,000 employees were hired. Warehousing and transportation business added nearly 24,000 new jobs. And in the government sector, 33,000 jobs were added, almost all of them at local levels.
Experts say employers are adding new jobs quicker than people are being added to the workforce. This means that the near five-decade low unemployment rate is likely to remain about the same, giving a little here, rising a few there, as it did this past month when the unemployment rate rose from 3.6% to 3.7%.
Also, hourly wages are up 3.1% from last year, real estates sales have risen, and consumer spending has stabilized. All of this is even more proof the economy is growing and becoming healthier under Trump’s expert guidance, even if it is doing so rather slowly.
However, those lying Democrats are saying the opposite. They look at this report and see all the negative things.
Such as the fact that construction spending, as well as the manufacturing industry, seems to be slowing down a little. Industries related to services such as restaurants, recreation, and finance also slowed somewhat during June.
They point the finger at Trump and his allies and say this all because of him. According to them, May’s numbers could have been much higher if he hadn’t threatened tariffs in Mexico and they could be higher still if he would get over this trade war with China.
But they choose to ignore that besides the fact his recent actions in trade could have affected the economy negatively, they didn’t. Instead, those decisions, that liberals see as hasty and childish have strengthened the economy.
What these numbers prove, beyond the fact we are blossoming with Trump as our leader, is that the public, and many employers, do not doubt his capabilities. They have faith he is and will continue to do his best to make America and its economy great again.
The federal reserve has been debating on whether or not to cut interest rates for some time, as a result of the weakening global economy and their fear that Trump will ruin the economy. Also, they are worried about the low inflation rate, as it has stayed below the expected 2%. However, this recent report gives some hesitation to such a decision, as some feel that it is no longer necessary in light of a growing economy.
Director of the National Economic Council Larry Kudlow says, “We are in a very strong prosperity cycle… We have good pro-growth policies, low taxes, deregulation, opening energy, trade reform.”
And while he is confident and “very optimistic” about the US economy’s health, he still expects the Federal Reserve to cut interest rates back a bit.
His reasoning is the “rock-bottom” inflation rate. He says that “taking out an insurance policy is not a bad thing” in light a weak global economy. but he and others are concerned that it will also “interfere with this strong prosperity cycle.”
The decision is to be made and announced at the end of their July 30-31 meeting.