Trump constantly pats himself on the back for the booming economy, the crazy amount of jobs that are being added, the tax reform, and oxygen being breathable. If you can attribute it to a cause, he’ll take the credit.
However, just how many jobs are being added and does it differ from past years’ growth?
If you guessed no, you would be correct.
In a new report, 148,000 jobs were added to the U.S. economy in December. Sounds great, right? The problem is that number was below expectations. Economists expected 190,000 jobs to be added. That’s a cool 42,000 deficit. Furthermore, it’s just part of a seven-year trend.
‘The U.S. economy added a disappointing 148,000 jobs in December while the unemployment rate held at 4.1 percent, according to a Labor Department report Friday.’
Also, it’s far less than the November numbers (252,000).
Even worse, CNBC reported that part of the reason for the disappointing number was because of a loss of 20,000 retail jobs at the busiest time of the year.
JJ Kinahan commented:
‘A little bit of disappointment when you only get 2,000 jobs out of the government and get retail at the absolute busiest time of the year losing 20,000 jobs. It just goes to show the true struggle that traditional brick and mortar is having now.’
Kinahan is the chief market strategist at TD Ameritrade.
Kinahan did, however, remark that it wasn’t a bad report.
‘Outside of that I actually thought it was a good report.’
CNBC noted that the most jobs were added to the healthcare sector, with construction coming in second, and manufacturing third.
Will this stop Trump from presenting it as the greatest upward trend in the economic history of America? No, of course not. He took to Twitter Friday morning and tweeted a huge pat on the back to himself.
‘Dow goes from 18,589 on November 9, 2016, to 25,075 today, for a new all-time Record. Jumped 1000 points in last 5 weeks, Record fastest 1000 point move in history. This is all about the Make America Great Again agenda! Jobs, Jobs, Jobs. Six trillion dollars in value created!’
Several responses to his tweet noted the Dow went up more during Obama’s first year in the White House and that Trump is simply riding the wave that’s been rolling for several years.
According to Trump, however, it’s all a media conspiracy, and fake news media doesn’t give him the credit he deserves. He tweeted Thursday night:
‘The Fake News Media barely mentions the fact that the Stock Market just hit another New Record and that business in the U.S. is booming…but the people know! Can you imagine if “O” was president and had these numbers – would be biggest story on earth! Dow now over 25,000.’
Whatever the case, jobs were added to the economy, and that’s good. However, Trump can’t take all the credit. It’s simply part of the trend, and his base of supporters are falling for it.
Featured image by Win McNamee/Getty Images.