Donald Trump promised he would make America great again and part of that promise was creating jobs. In just over 4-months in office, he is keeping the promise of working to create jobs. The latest official unemployment rate dropped to just 4.3%, the lowest in 16-years. However, the economy is slow to react, largely due to a smaller than hoped for wage growth.
Unemployment sank to 4.3 percent in May, its lowest level in 16 years, the government reported Friday, but halfhearted wage growth and a shrinking labor force revealed the economy’s stubborn weak spots.
While the downsides sent bond prices lower, the report is unlikely to deter the Federal Reserve from raising interest rates when its policy makers meet in Washington this month. “It is not enough to derail the Fed at all,” said Dan North, chief economist at the credit insurer Euler Hermes North America.
The milestone on the jobless rate came with a middling increase of 138,000 in payrolls and revisions that reduced the gains in the previous two months. It mainly reflected a decline in the share of working-age adults who have a job or are in the market for one…
It’s possible that although more employers have hired workers, that they are still uncertain as to the economic future due to the political turmoil in Washington DC and the growing effort among Democrats to impeach President Trump. If they are successful in removing Trump from office, no one is sure if Mike Pence will have the same business clout to create and keep jobs in America as Trump does.