The economy numbers for June were released Friday morning, and they’re not good… for Bill Maher. For America, the economic growth under President Trump continues.
The U.S. added 213,000 jobs in June, with 36,000 going to the manufacturing sector. This continues the job growth of 2018, which in its first half, averaged 215,000 workers added to payrolls per month.
Not only were more jobs created, but the wages for those jobs rose slightly at 0.2% in June and 2.7% in the past year. In the private sector, hourly wages in June rose 5 cents.
The wage increases and tax cuts are strengthening consumer spending, which contradicts House Democratic leader Nancy Pelosi’s downplay of the record low unemployment rate last month when she said “unless we have an increase — a very significant increase in wages and bigger paychecks, we are going to increase the frustration of America's families because they'll be saying, 'Hip hip hooray, unemployment is down. What does that mean to me in my life? I need a bigger paycheck.'”
Speaking of May’s 18-year low unemployment rate of 3.8%, to many economists’ surprise, it rose to 4% in June. However, economists are tying this slight raise to the labor participation rate, which despite the aging population, also rose 0.2%. 601,000 Americans total entered the labor force in June, which is a positive trend, as the labor force participation rate has arguably been one of the more worrisome aspects of the U.S. economy since the 2009 recession.
Also taking place in the economy on Friday is the official start of the trade war between the U.S. and China, with both countries putting levies on $3.4 billion worth of each other’s imports, which many economists fear may limit the economy's growth down the road.