Trump economy soars with 224,000 jobs added in June

The jobs numbers are in for June, and there is good cause to celebrate.

According to the Labor Department’s newest report, just released on Friday, the economy added 224,000 jobs in June, which far exceeded expectations. 

‘Unexpectedly good’ jobs report

The hiring numbers at the end of May had economists, understandably, worried. With only 72,000 jobs being added, experts began to consider the possibility that President Donald Trump’s economy was, perhaps, starting to move in the wrong direction.

At best, economists — at least those surveyed by Bloomberg — were expecting to see a gain of 160,000 jobs in June. But the actual figure — 224,000 — completely blew their prediction away. It was the biggest gain since January, which saw 312,000 new jobs.

Leading the way was the professional and business services industry, with 51,000 hires; then health care, at 35,000; transportation and housing, at 24,000; construction, at 21,000, and manufacturing, at 8,000. Other areas remained consistent with showings in previous months.

Along with the increase in jobs, there was also a small increase in the unemployment rate, from 3.6 percent in May to 3.7 in June. The two likely go hand-in-hand, with the latter being a result of the former.

Trump celebrates

President Donald Trump celebrated the good news in two tweets. One of them had the customary, “JOBS, JOBS, JOBS!” message that we have come to expect after a good report like June’s.

The other quoted a CNS NEWS article. “Record 157,005,000 Employed;” it read. “19th Record of Trump Era.”

The president, in addition, talked with reporters at the White House about what he called the “really unexpectedly good” numbers. “Our country continues to do well – really, really well,” he said. “I think we’re going to break records. If we had a Fed that would lower interest rates, we’d be like a rocket ship. … We don’t have a Fed that knows what it’s doing.”

What now?

President Trump has been a frequent critic of decisions made by the Federal Reserve. And, indeed, now all eyes will be on that agency.

Prior to June’s report, it was rumored that the Fed was considering cutting interest rates as a precautionary measure against a possible recession that might result from, for example, the trade war with China.

But now that the economy continues to be strong and healthy, the Fed may change its mind. But we’ll have to wait and see whether Trump gets his wish.

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