Trump economy added 1.4 million jobs in August, unemployment now 8.4%

According to economic reports, the U.S. economy added 1.4 million jobs during the month of August, dropping the unemployment rate from 10.2% in July to 8.4%.

Labor force participation also increased .3% for August, which indicates a stronger job market and higher confidence among job seekers.

It is the fourth month of job gains since April, when most of the country was shut down due to the coronavirus oubreak and 20 million people lost their jobs. The unemployment rate in April was 14.7%, and many economists thought it might go even higher in May.

Instead, it dropped to 13.2% in May and has continued to drop.

Gains met expectations

The gains met economists’ expectations of between 1.2 million and 1.4 million added jobs.

About half of the jobs lost during the height of the pandemic–10.7 million–have now been regained.

While there should be further gains in coming months as some states with sharp case spikes in July have now begun to reopen more businesses as cases slowed during August, there is the risk of stalled gains because of continued shutdowns and businesses that have closed permanently after months with no income.

In particular, several large states with Democrat governors have remained largely shut down and are likely restraining economy recovery and putting thousands of small businesses at risk of permament closure.

Large, Democrat-governed states holding back growth and threatening businesses with failure

New York and California made up nearly a quarter of the entire GDP of the U.S. in 2019, and both of these states are prohibiting indoor dining, beauty salon services, and other major industries.

Other large Democrat-run states that are still highly restricted include Michigan, Illinois, Pennsylvania, New Jersey, Minnesota, Washington, Oregon, and Virginia. Taken in total, these states represent around 40% of the country’s GDP and have great potential for holding back the economy from performing as well as it could.

There’s no real reason to keep businesses shut down at this point, particularly in states like New York and California that have already seen high numbers of cases and are now seeing much lower numbers.

It’s obvious that these Democrat governors see continued shutdowns as politically expedient for their party, and they are bringing down millions of livelihoods–perhaps permanently–in their quest to hurt Republicans and help Democrats in the upcoming election.

Share on facebook
Share To Facebook

Latest Posts