After taking office, Donald Trump has repeatedly taken credit for President Obama’s economy and regularly touts jobs numbers on his Twitter timeline. Now that Trump’s economy is in effect, we doubt he’ll be tweeting about the labor market losing 33,000 jobs last month.
While some of this can be attributed to natural disasters, Trump has also failed to pass any major legislation.
Job growth in August and July was revised down, to 38,000 less than previously reported. Economists expected 75,000 new jobs instead of a 33,000 job loss.
The economy has added an average of 172,000 jobs a month over the past year but that has dropped to a 91,000 average over the past three months, showing a trend which is not in Trump’s favor.
Economists widely blame the disruptive effects of Hurricanes Irma and Harvey for the disappointing number, because the survey methodology dictates that folks who didn’t get paid on the pay period that included September 12th are not counted as employed.
But the report also revised down the two previous monthly estimates of job growth, suggested the slowdown is not all weather related.
After Obama took office, he had quite a task on his hands in dealing with the cost of his predecessor’s wars, but he did it. Obama’s economy took an upward swing, even after natural disasters such as Hurricane Sandy and the floods which ravaged Louisiana. Throughout his campaign, Trump called Obama’s economy ‘a disaster’ but compared to other presidents, that was far from the truth.
Fact: Obama took office during the worst recession since the Great Depression when the economy was losing 750,000 jobs a month and already had lost a record 9 percent of GDP. Obama started with a weak economy due to his predecessor’s decisions but his final jobs report showed 75 consecutive months of growth.
The unemployment rate, however, just fell to 4.2 percent, and we’re sure Trump will bring that up. Let’s see how long that lasts because the former reality show star is now making war noises toward North Korea. Also, if Trump manages to get the GOP tax proposal in the works, we’ll see more reports like this one.
But for a guy whose ‘presidency’ has been based on undoing everything Obama has done, he sure did a good job of that with the first loss of jobs reported in 7 years.