Politics

1 Million Jobs Added In 2017, Labor Report Says

| by Alex Scarr
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The job market posted encouraging results in July, adding 209,000 jobs, despite slightly more conservative estimates. With these latest numbers, the U.S. has officially added 1 million jobs since President Donald Trump took office.

The job report, released Aug. 4 by the Labor Department, showed encouraging growth in the labor force, according to The New York Times. 209,000 jobs were added across the U.S. in the month of July, dropping the unemployment rate to 4.4 percent.

Economists are encouraged by the report, citing July's consistent growth coupled with an equally productive June to signal a healthy economy.

"Kind of an all-around strong headline number," said Tony Bedikian, head of global markets at Citizens Bank, to CNBC. "More people are coming into the labor force and finding jobs. It's difficult to find anything really negative in the report."

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Trump expressed his pleasure with the recent job reports via Twitter, announcing there was more to come.

"Excellent Jobs Numbers just released -- and I have only just begun," Trump tweeted Aug. 4, according to The Times. "Many job stifling regulations continue to fall. Movement back to USA!"

Trump also mentioned companies like Toyota and Mazda have pledged to build plants in the U.S.

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Trump had mentioned June 1 that his administration helped add more than "a million" jobs, but the Labor Department's numbers counted only 600,000 at that time, according to Politico. With these new July numbers, however, Trump has officially hit the mark on a major campaign promise.

"This is an unambiguously positive jobs report, as it suggests that consumers will have the wherewithal to increase spending (with solid job gains and faster wage growth) and that inflation may be slowly pushed higher by tighter labor and product markets," said David Berson, chief economist at Nationwide, according to CNBC.

The rate of job growth in the U.S. mirrors the economic health of 2016, when the Labor Department announced an average of 187,000 jobs created per month, per Politico. 2017 has had an average job creation pace of 184,000 per month.

"We are still steadily moving toward full employment,” said Elise Gould, senior economist at the Economic Policy Institute. Gould added that the U.S. "needs to add at least 223,000 jobs per month over the next year to lower the unemployment rate to 4 percent and bring another million workers back in from the sidelines."

Sources: The New York Times, CNBC, Politico / Featured Image: Pixabay / Embedded Images: Ed Brown/Wikimedia Commons, JobFair Athens/Wikimedia Commons

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