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Obama wrapped up yet another speech boasting about how he turned the economy around.
“If what you really care about in this election is your pocketbook, if what you’re concerned about is who will look out for the interests of working people and grow the middle class, then the debate isn’t even close.”
It's not close and the economy certainly is something and he deserves as much of the credit for it as he wants.
US hiring plunged in May to its lowest level in more than five years, a sign that employers turned cautious after the economy barely expanded in the first three months of the year, reports AP. The Labor Department says employers added just 38,000 jobs last month, the fewest since September 2010. Yet the unemployment tumbled to 4.7% from 5%, the lowest rate since November 2007. The rate, however, fell for a problematic reason: Nearly a half-million unemployed Americans stopped looking for work, and were no longer officially counted as unemployed.
This is the sort of thing that the left views as another glorious victory over capitalism.
There were 94,708,000 Americans not participating in the labor force in May, an increase of 664,000 individuals from the previous month, according to data from the Bureau of Labor Statistics released Friday.
Obama's economic reality looks a lot like a reality distortion field.
Obama said “America’s economy is not just better than it was eight years ago — it is the strongest, most durable economy in the world.” Actually, China’s economy grew by an estimated 6.9 percent in 2015 — more than double the U.S. rate.Obama also claimed that “we’ve seen the first sustained manufacturing growth since the 1990s.” But manufacturing employment has declined by 35,000 in 2016, and it’s still down 2.2 percent from when Obama took office.
But don't worry. The media will explain why this is a good thing.
America's economy is stronger than weak jobs report - CNNMoneyThe economy is booming, the Fed is likely to raise rates, so be bullish - MarketWatchJobs report not the 'bombshell' Trump claims - PoliticoMitch McConnell is wrong about the economy - CNBC
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