On Friday, the US jobs report for the month of June indicated that the US economy under President Trump continues to grow, information that will serve as a strong campaign pillar heading into the 2020 election.
“We had great numbers this morning,” Trump said in response, stating that “our country continues to do really well – really, really well, so we’re very happy about it.”
Trump added, “I think we’re going to be breaking records.”
With the election drawing ever closer, President Trump has repeatedly touted his economic success, while targeting his would-be Democrat opponents for their lack of comparative results.
From The Hill:
A new jobs report that said the economy added a better-than-expected 224,000 jobs in June delivered good news on Friday for President Trump, solidifying the sense that economic growth will be a source of strength for his reelection bid next year.
There was little bad news in the report, which showed job growth in manufacturing, construction and other sectors, as well as a slight increase in wages.
After the economy added just 75,000 jobs in May — a number downgraded on Friday to 72,0000 — there were widespread concerns that the economy might be sliding back and that a recession before the election could even be possible.
Such fears largely dissipated with the new report, leaving Trump sounding a confident note.
“We had great numbers this morning,” the president told reporters. “And our country continues to do really well — really, really well. So we’re very happy about it. I think we’re going to — we’re going to be breaking records.”
The only bad news from the president’s perspective in the strong growth is the possibility it will lead the Federal Reserve to keep interest rates where they are. Trump argues further cuts would turbo-charge the economy, and he has repeatedly criticized the Fed’s rate hikes.
“If we had a Fed that would lower interest rates, we’d be like a rocket ship, but we’re paying a lot of interest and it’s unnecessary,” he said Friday. “But we don’t have a Fed that knows what they’re doing, so it’s one of those little things. But if we had a Fed that would lower rates, you would have a rocket ship.”
The upswing also gives Trump greater leverage in trade battles with the European Union and China, where growth is slowing. The job numbers solidify the sense that the U.S. economy is surviving higher tariffs on U.S. exports, and that China and the EU should negotiate to lower U.S. tariffs on their goods.
Outside analysts expressed wonder at the resilience of the U.S. labor market, which has a 3.7 percent unemployment rate that is historically low. The report also suggested that workers are coming back to the economy in search of jobs.
“That the labor market has managed to expand every month for the past 9 1/2 years should not be overlooked,” wrote Moody’s Analytics managing director Sophia Koropeckyj in a Friday research note. “We are still in an unprecedented period of growth.”