Now Reading: US jobs miss as Trump’s economic boasts clash with reality
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US jobs miss as Trump’s economic boasts clash with reality
The US economy lost 23,000 jobs in July, far below the expected gain of 80,000, according to the Bureau of Labor Statistics. June's already weak addition of 57,000 jobs was also revised…
The Story in Brief
The US economy lost 23,000 jobs in July, far below the expected gain of 80,000, according to the Bureau of Labor Statistics. June's already weak addition of 57,000 jobs was also revised downward. The unemployment rate ticked down to 4.1 per cent from 4.2 per cent, but only because of shifting workforce dynamics, not hiring. President Donald Trump has been claiming a hiring and manufacturing boom, but job growth in his second term has slowed sharply. Factories added just 18,000 jobs this year. The S&P 500 has hit 64 record highs since January, but the rally is fuelled by AI hype and oil price drops, not broad economic strength. A new AP-NORC poll found only 32 per cent of Americans approve of Trump's handling of the economy, and 69 per cent call it poor.
The two-month hiring slowdown puts pressure on the Federal Reserve, which has prioritised fighting inflation over jobs. Fed Chair Kevin Warsh called employment 'solid growth' just weeks ago.
The Indian Opinion
The usual narrative paints Trump as a miracle worker and his critics as doom-mongers. But the facts are stubborn. Job growth under his second term is far slower than under Biden, and July actually saw a loss of 23,000 jobs. Manufacturing may have expanded on paper, but it shed 95,000 factory jobs since he returned. The stock market record is real, but it is driven by AI hype and oil price dips, not broad prosperity. Watch the August jobs report: if it disappoints again, the 'boom' talk is over.
Sources (2): economictimes.indiatimes.com, timesnownews.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
