The unemployment rate is now down to 3.5% — a level so low that the United States did not reach it at any point throughout the 1970s, 1980s, or 1990s. As stevebenen writes, Biden-era job growth also continues to crush Trump-era job growth.
Nonfarm payrolls expanded by 187,000 for the month, slightly below the Dow Jones estimate for 200,000. ... The unemployment rate was 3.5%, against a consensus estimate that the jobless level would hold steady at 3.6%.
With revisions from May and June factored in, we’ve now seen roughly 1.8 million jobs created so far this year — and that’s after just seven months, not the entire calendar year. What’s more, today’s report pointed to solid wage growth and an unemployment rate that’s been below 4% for a year and a half. In fact, it's worth emphasizing that the United States3.5% unemployment — the current jobless rate — at any point throughout the 1970s, 1980s, or 1990s.
The preliminary total for the month might appear underwhelming, but it appears the job market is starting to return to a pre-pandemic normal amidst steady growth and low unemployment.to put the data in perspective. Over the course of the first three years of Donald Trump’s presidency — when the Republican said the United States’ economy was the greatest in the history of the planet — the economy created roughly 6.35 million jobs, spanning all of 2017, 2018 and 2019.
According to the latest tally, the U.S. economy has created roughly 13.8 million jobs since January 2021 — more than double the combined total of Trump’s first three years.. I have a hunch GOP officials will keep the trend going today.
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