US economy boom creates record number of new jobs
A record number of new jobs opened up in the United States in August as President Trump’s booming economy showed no sign of slowing down amid an escalating trade war with China and Hurricane Florence-hit Carolinas.
Job openings in the US rose to a record-breaking 7.136 million, according to the monthly Job Openings and Labor Turnover Survey, or JOLTS.
The report released on Tuesday by the Labor Department surprised economists who had forecast 6.9 million for the month.
In July, the number exceeded 7 million for the first time ever when it hit 7.077 million.
Prior to April 2017, there had never been more than 6 million job openings in the United States.
According to Breitbart, Job openings are a measure of labor demand.
Nonfarm payrolls have increased by an average of 201,000 over the last 12 months.
Unemployment fell to 3.7 percent in September.
JOLTS is one of the job market metrics closely watched by the Federal Reserve.
Economists expect the U.S. central bank will announce another rate hike in December, a move Fed officials describe as “normalizing” interest rates.
Fears that the central bank could move rates up too rapidly have recently caused turmoil in the stock market.
President Donald Trump has criticized the Fed’s rate hikes, calling the bank’s tightening policy “loco.”
The number of hires in August reached a series high of 5.8 million.
There were 488,000 job vacancies in manufacturing in August, a slight decline from July’s 496,000.
Vacancies in construction rose by 12,000 to 298,000.
Professional and business services openings leaped up to 1.3 million from 1.2 million.
In September, former President Barack Obama hit the road on a series of speeches, making attempts to claim credit for President Trump’s booming economy.
“We worked hard to turn this economy around when I was president,” Obama told a crowd of thousands in a school auditorium in Cleveland, Ohio, as he campaigned for a Democratic candidate.
“And the actions that we took during the economic crisis returned the economy to healthy growth, initiated the longest streak of job creation on record, which continues to today … “
“So just remember that: When you hear these folks bragging about this economic miracle, just remember when it started!” Obama yelled, prompting cheers.
“Just remember when the ball got rolling.”
The reality, however, is that the only thing Obama deserves credit for is making it simple for Trump to undo Obama’s anti-growth policies.
The United States is currently in the midst of an economic boom.
This success was kickstarted after Trump reversed almost all of Obama’s failed policies, yet we’re somehow expected to believe that it’s Obama who deserves all the credit.