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More Than 1 Million Jobs Added Since Trump Took Office

| by Robert Fowler
President Donald TrumpPresident Donald Trump

The U.S. economy has added more than 1 million jobs since President Donald Trump assumed office, continuing years of historic job growth from the Obama administration. While the latest jobs report indicates more labor participation than expected, the economy is still dogged by stagnant wages and overall growth.

On Aug. 3, Department of Labor released its latest jobs report, finding that 209,000 jobs were added in July, surpassing previous estimates. During Trump's first six months in office, the economy had added roughly 1.07 million jobs, CNN Money reports.

Trump took to social media early in the morning to tout the new jobs report.

"Excellent Jobs Numbers just released -- and I have only just begun," the president tweeted. "Many job stifling regulations continue to fall. Movement back to USA!"

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Trump's tweet violated a federal rule that prohibits officials from commenting on a jobs report less than an hour after it is released, reports CNN.

On June 1, Trump had erroneously asserted that his administration had already generated 1 million jobs.

"We've added ... more than a million private sector jobs," the president said in a statement, when the U.S. economy had by that point only created 600,000 new jobs during his time in office, according to Politico.

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Since the most recent report, Trump can make the same statement again and be factually correct.

The Labor Department's report found that the U.S. unemployment rate had dropped to 4.3 percent, the lowest since 2001. The unemployment rate had peaked at 10 percent in 2009, when the country was facing the full impact of the Great Recession.

The U.S. has been experiencing a record streak of unabated job growth. The economy's job market has grown over 82 consecutive months, and the latest report indicates an overall healthy economy.

"This is a Goldilocks report for the markets," Barclays Chief Economist Michael Gapen told The New York Times. "It really bodes well for macroeconomic growth."

"The economy is looking pretty good," concluded ZipRecruiter Chief Economic Adviser Cathy Barrera.

The Labor Department report did still indicate some drawbacks to the rosy job market. American wages in July had only grown by 2.5 percent compared to July 2016, failing to meet the Federal Reserve's goal of 3.5 percent. The U.S. gross domestic product  also remains stuck at 2 percent.

The report also indicated that 349,000 of the new jobs created in July were part time while only 54,000 were full time, CNBC reports.

The chairman of the House Ways and Means committee, Republican Rep. Kevin Brady of Texas, stated that the latest jobs report indicated progress but "also shows too many Americans are still having a hard time finding good-paying jobs, getting a raise, and providing for their families."

Sources: CNBCCNN Money (2), The New York Times, Politico / Featured Image: Gage Skidmore/Flickr / Embedded Images: Gage Skidmore/Flickr, Daniel Ramirez/Flickr

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