When Trump took office, the promises he made were grand. He promised the American people jobs, a soaring economy, the repeal of Obamacare, tax reform, and even more. However, according to a new report from the Labor Department, Trump may not have fulfilled some of those promises.
The New York Times reported the Labor Dept. found the economy lost 33,000 jobs in the past month. What’s significant about that? It was expected the economy would GAIN 80,000. Furthermore, this is the first time in seven years the economy LOST jobs.
Some blame can be placed on the recent battering of severe hurricanes America has experienced. However, it is not believed to play a significant role in the economy. Carl Tannenbaum, the chief economist at Northern Trust, commented:
‘The numbers were certainly blown around a lot by the storms. The interruptions created in the hurricane regions were seen in leisure and hospitality especially, which had a huge decline.’
As much as Trump would like to talk about the great economy and the soaring stock market, there is still plenty to improve on. An economist at Navy Federal Credit Union, Robert Frick, commented:
‘There is still quite a lot of slack in the labor force.’
Additionally, there are still areas that are troublesome. The NYT reported several jobs that are available are lower-paying jobs.
‘For some workers, those jobs have limited appeal. The share of adults who are in the work force remains at historic lows and many workers who dropped out or failed to find an entry point during the recession are still on the sidelines. At this point, much of the decline in labor force participation rates can be attributed to baby boomers who are retiring and younger workers who are staying in school to get more skills… More troubling are the numbers of people in their prime working ages – 25 to 54 – who are out of the work force.’
So, what does this say? It says Trump can tweet all he wants about how great the economy is; however, he should also take a look at the reports and take in what they mean. It means there are still plenty of jobless Americans, and there are still plenty of low-wage jobs that aren’t appealing to anyone. He still has plenty to work on before celebrating.
Featured image by Alex Wong/Getty Images.