Big news coming out of Washington this week: The United States economy created 501,000 fewer jobs since 2018 than previously reported.
It turns out that the Bureau of Labor Statistics (BLS) got it wrong and that the average 223,000 monthly increase in jobs since last year could dip to approximately 185,000.
This is bad news for the Trump economy because it suggests the tax cuts and greater federal spending did not do as much for the labor market as originally thought.
No wonder why President Donald Trump is begging the Federal Reserve to bring interest rates down.
Tweeting on Thursday, Trump claimed that “the economy is doing really well. The Federal Reserve can easily make it Record Setting.”
While initial jobless claims fell, the factory experienced a contraction.
He is calling for a full-point cut in a “fairly short period of time.” The Fed might give it to him, too, especially if historically low rates and aggressive money-printing are not doing enough in the boom phase.
In the end, this news will definitely give the Democrats ammunition over the next few months.
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