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The jobless rate inched down to 3.8% in May, another sign of the strong economy and tight labor market. That tied the lowest unemployment rate since 1969. Since then, the only other time unemployment was this low was in April 2000. The economy added 223,000 jobs, better than economists expected.
"The US economy has this incredible head of steam," said Josh Wright, chief economist at the software firm iCIMS.
I shall paste what I just wrote in another thread:
Simply excellent economic news today: unemployment rate down to 3.8 percent (or, using Mr. Trump's way of figuring it back when he was a candidate, around 25 percent now), wages up 2.7 percent, etc.
As I often say, I welcome good economic news at face value, regardless of whom is President. I have no problem, this deep into his first term, with giving some credit to Donald John Trump (not full credit, since he did inherit an excellent economy).
Of course, with us now in a tariff war, things may change, and not for the good. The US Chamber of Commerce estimates that with this tariff war the US may lose 2.6 million jobs:
You’ve got to be kidding —businesses have come out aggressively saying how much of this is related to Trump taking Obama’s choke-chain of regulations off them......
Try to read or understand something beside liberal talking points and fake news.
Having said this, the ability of any POTUS to influence the economy is overrated. If a POTUS, any POTUS, had control, there would never be a recession.
The unemployment figure is the ratio between those who haven't yet found a job, and those who have jobs or are still looking. And it is continually shrinking.
In large part to the Obama administration interfering so grossly with the economy that businesses slowed way down on hiring, for fear the govt would impose massive new penalties and disruptions that would harm their businesses. It got so bad for so long, that huge numbers of able-bodied job seekers finally gave up altogether trying to find jobs. And are now so used to poverty and living on the dole that they are permanently out of the work force and no longer counted by the statisticians.
With huge numbers of people knocked out of the work force and no longer looking, the "number of people still looking for jobs" has shrunk, making the unemployment figure look rosier. And now finally under the Trump administration, the number still looking, as shrunk further as the few who are still looking finally find jobs at last.
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