Employers added 57,000 jobs in June, the Labor Department said on Friday, as jobs growth slowed from the previous two months, while the unemployment rate ticked down to 4.2%.
A new report challenges the housing shortage narrative, arguing slower population growth and reduced immigration could mean fewer homebuyers ahead.
There was more bad news for Donald Trump on Thursday morning as the new jobs report revealed dismal growth, leading MS NOW’s Stephanie Ruhle to raise a new red flag for the president’s embattled administration.Appearing on “Morning Joe,“ Ruhle, a former Wall Street executive, noted that only 57,000 new jobs were created — a far cry from the 115,000 expected by economists.Speaking with host Jonathan Lemire, who warned, “We've seen downward revisions for the last two months,” Ruhle first explained that Trump should not expect a rate decrease from the Fed as the job market remains stagnant.She later elaborated, “People cannot afford to get their lives started; they cannot afford the basic things they need to work to get to work, a place to live, a decent job that's an issue —we're talking about a jobs number that's almost half of what we expected.”“So when the president is posting about 401K’s, people who can't get a job don't have a 401K, don’t have anything to feel good about,” she pointed out."Remember it was [former Fed chair] Alan Greenspan, I think, who said 2006, who said income inequality is going to be the biggest issue,” she continued. “We're watching it play out day in and day out, and it's startling that when the President is faced with it, he keeps saying things like affordability is an old-fashioned term and nobody cares. He doesn't care because he's on his way to the moon when it comes to how successful and how wealthy he has become.” - YouTube youtu.be
El-Sayed, backed by Bernie Sanders, leads polls ahead of Haley Stevens and Mallory McMorrow in primaryAlexandria Ocasio-Cortez has thrown her support behind Abdul El-Sayed, the doctor and progressive Democrat seeking the party’s nomination in Michigan’s closely watched US Senate race.In an interview with the New York Times, Ocasio-Cortez – an influential congresswoman on the left of the Democratic party – endorsed El-Sayed, a former public health director. “Despite our ideological differences and whatever disagreements there are in the party, every single one of us sees this moment as existential,” she said. Continue reading...
There had been early signs of a jobs boom from the tournament, but hospitality jobs declined in June.
If President Donald Trump was hoping for a good jobs report to boost his party's spirits, he didn't get it.As the latest survey results came in, economic reporters and other observers were quick to note that, while not every figure in the report was bad, it was well below what Wall Street had been hoping for."A disappointing jobs report," wrote Navy Federal Credit Union chief economist Heather Long on X. "The US economy added 57,000 jobs in June (below expectations of 115k). Hospitality jobs decline by -61k. Plus, April and May were revised lower by -74,000. The unemployment rate fell to 4.2% --> the lowest in a year, but mainly due to a big drop in people job hunting." Also rough, she noted, is that "Wages aren’t keeping up with inflation," only rising 3.5 percent vs 4 percent price increases.As the far-right financial site Zero Hedge put more bluntly, "The jobs print was below all but one forecasts."Wall Street Journal chief economic correspondent Nick Timiraos wrote, "The U.S. economy added 57,000 jobs in June and revisions subtracted a combined 74,000 jobs from the previously reported figures for May and April. The unemployment rate edged down to 4.2%. Leisure and hospitality employment declined by 61,000 in June."Industry analyst account The Kobeissi Letter noted that "The unemployment rate fell to 4.2%, below expectations of 4.3%," but that "May's jobs number was also revised down by -43,000 jobs. The labor market remains in a volatile situation."
As the 60-day deal with Iran reaches the two-week point, President Trump is pushing for oil prices to drop faster. “Just as I promised, Oil Prices are plummeting FAST, and Gas Prices at the pump are dropping too, but not as fast as they should be,” he posted to Truth Social on Wednesday night. Brent…
Top House Democrat on committee that issued report says president ‘tries to steal the celebration of America’s 250th anniversary and turn it into something that’s all about Trump’Full report: Trump hijacked US’s 250 anniversary to serve ‘political ideology and pet projects’Sign up for the Breaking News US emailMy colleague, Gaya Gupta, notes that the latest jobs numbers make it all the more likely that the US Federal Reserve will continue to focus on inflation at its next meeting in late July.Last month, the Fed’s new chair, Kevin Warsh, emphasized “price stability” in his first press conference since taking office and said the central bank will continue to pursue its longstanding goal of a 2% inflation rate. But this week, he told a conference of central bankers that “inflation risks have come down”. Continue reading...
A top Trump administration economic advisor is touting great signs for the economy. White House National Economic Council Director Kevin Hassett said that there’s a “construction boom” […]