The US Bureau of Labor Statistics released July’s report showing that Trump’s economy shed 23,000 jobs for the month, as well as a revision downward of 103,000 jobs for the previous two months combined.
May’s jobs total was cut by 66,000 to 129,000 total jobs added, while June’s total was lowered by 37,000 to a total gain of 57,000.
Kevin Hassett, Director of the National Economic Council, went on Fox Business to spin the numbers with his usual word salad to the Fox zombies.
Hassett’s word salad included a compilation of nonsense factors that caused the numbers to drop, including a “big decline in government workers,” which he later described as a “weird seasonal” quirk related to snow causing some school years to run long, delaying teacher layoffs. Hassett also cited a “big decline in hospitality workers around the end of the World Cup.”
Mmkay, bro.
- War with Iran continues with no deal to open the Strait of Hormuz, keeping energy prices elevated.
- Wage growth also sucked, which was below inflation, which was 3.5% at its last reading.
- The labor force participation rate dropped 0.1 percentage points to 61.4 percent for all ages, with prime employment age — between 25 and 54 — down to 83.4% from 84%.
The good news comes from the Federal Reserve, who sees jobs losses as less pressure to increase interest rates in September.
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