This has been a really tough week for Donald Trump. His polling is in the toilet, people are still understandably pissed he attacked a Gold Star mother of a slain US soldier, he made an ass of himself over the “secret Iran video” and now, the one thing that could save his campaign, a failing economy, just isn’t happening:
The U.S. labor market continued to rebound from a weak spring, adding a surprisingly strong 255,00 jobs last month, according to government data released Friday morning.
The gains provided reassurance that the recovery has momentum despite a dramatic drop-off in hiring earlier this year and surprisingly slow growth in the broader economy. Standard & Poor’s chief U.S. economist Beth Ann Bovino said the job market delivered a “solid sequel” to the blockbuster hiring in June, leaving weak performance in May a “distant memory.”
It’s hard to overstate this: Despite the absolute turmoil of the world economy, the U.S. economy stubbornly refuses to weaken.
And, frankly, it’s amazing that we’re still cruising along in the face of China’s economic chaos and the absolute economic disaster that was Brexit. It’s been well over a month since Britain voted to leave the European Union, setting off a brutal chain reaction that clobbered the EU markets. Yet, the United States is just as steady as it has been for over 6 years now.
A lot of this has to do with the fact that President Obama refused Republicans the same austerity measures that have crippled much of Europe. He also, wisely, resisted the urge to inflate an economic bubble for a quick fix, instead focusing on building a solid, if slow, recovery. A lot of people have been angry about this slow growth but watching the rest of the world lurch from one economic crisis to the next, it’s not hard to see the wisdom of Obama’s approach.
Even more importantly, it looks like we’re juuuuuust about at peak employment, that magical time where unemployment stops dropping but wages start rising:
Friday’s data also showed a surprising increase in wage growth in July, providing evidence that one of the most stubborn roadblocks in the recovery could finally be in the rearview mirror. Wage gains had been stuck at about 2 percent for several years, but growth has picked up in recent months. In July, average hourly earnings jumped 8 cents to $25.69, up 2.6 percent over the past year.
Since the “failing” economy is the GOP’s ONLY selling point these days, things are not looking good for them anytime soon.
Featured image via Youtube