Despite U.S. President Donald Trump’s best efforts to oversimplify the nation and world, seeing it at times through what seems to be a solidly one track mindset, it remains complex and beyond him. Everything isn’t falling in line behind him just because he says it is.
It’s a simple and basic concept that the economy is complex, but that hasn’t stopped Trump from wrongly claiming credit for an array of improvements anyway. The cycle continued this week with the release of the June jobs report; this time, there were at least a couple of indicators that solidly did not indicate Trump’s presidency to have inaugurated some sort of economic heaven.
The overall unemployment rate remains low, but it rose slightly, going up to four percent from the previously recorded 3.8 percent. Unemployment specifically among African Americans rose too, hitting 6.5 percent after previously sitting at the record low of 5.9 percent in May.
Also questionable is the wage growth that was recorded going from earlier this spring into June. Average hourly wages are only up six cents since April, although they are up about 2.7 percent when comparing this year’s June numbers to last years. That works out to an increase of about 72 cents.
The stagnant wages and slightly up unemployment rates correspond to an increase in the number of people re-entering the labor force in June, which makes the unemployment rate go up. More than 200,000 American workers did so in June, while there was an addition of about 213,000 jobs.
The overall gains that have been recorded continue on with precedents that were set during the Obama administration, but you’ll never hear Trump admit that. On his own time, he continues on with throwing dynamite at the global economy through his rounds and rounds of antagonistic tariffs.
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