Amid increasing worries that the U.S. was heading for an economic downturn rather than a Trump Boom, the June jobs numbers are in and have provided some much needed positive news: jobs are rebounding and more people have joined the labor force.
"The momentum in the U.S. labor market picked up in June, new government data showed Friday, with employers adding 222,000 jobs," The Washington Post reports. "The figure surpassed estimates of economists surveyed by Bloomberg, who had expected an addition of 178,000 jobs in the month."
In addition to the higher than expected jobs numbers, the number of people participating in the labor force increased, which led to a slight rise in the unemployment rate from 4.3% to 4.4%.
The Labor Department also revised the estimates from April and May, adding another 47,000 jobs total to the economy.
Americans' average hourly earnings have seen some subtle improvement over the last year, rising 2.5%, continuing, as the Post puts it, a years-long trend of rather "weak" wage growth. "While the current economic expansion is already the third-longest in history, an aging population and a relative lack of technological innovation mean that rates of economic growth have been slower than past boom times," notes the Post.
So how do the numbers stack up to Trump's promises so far? Not great — after all he is pledging "to create 25 million new American jobs in the next decade and return to 4% annual economic growth" — but they appear to show some signs of moving in the right direction. The reality is hardly any of Trump's pro-growth agenda has yet to be implemented, and the moves he has made thus far, like undoing scores of Obama-era regulations, have yet to have time to impact the economy. Still, we're going to have to see significant increases in employment to hit his 4% goal.
Here's the full text from the White House website outlining Trump's economic goals:
Since the recession of 2008, American workers and businesses have suffered through the slowest economic recovery since World War II. The U.S. lost nearly 300,000 manufacturing jobs during this period, while the share of Americans in the work force plummeted to lows not seen since the 1970s, the national debt doubled, and middle class got smaller. To get the economy back on track, President Trump has outlined a bold plan to create 25 million new American jobs in the next decade and return to 4 percent annual economic growth.
The plan starts with pro-growth tax reform to help American workers and businesses keep more of their hard-earned dollars. The President’s plan will lower rates for Americans in every tax bracket, simplify the tax code, and reduce the U.S. corporate tax rate, which is one of the highest in the world. Fixing a tax code that is outdated, overly complex, and too onerous will unleash America’s economy, creating millions of new jobs and boosting economic growth.
As a lifelong job-creator and businessman, the President also knows how important it is to get Washington out of the way of America’s small businesses, entrepreneurs, and workers. In 2015 alone, federal regulations cost the American economy more than $2 trillion. That is why the President has proposed a moratorium on new federal regulations and is ordering the heads of federal agencies and departments to identify job-killing regulations that should be repealed.
With decades of deal-making experience, the President also understands how critical it is to negotiate the best possible trade deals for the United States. By renegotiating existing trade deals, and taking a tough stance on future ones, we will ensure that trade agreements bring good-paying jobs to our shores and support American manufacturing, the backbone of our economy. The President plans to show America’s trading partners that we mean business by ensuring consequences for countries that engage in illegal or unfair trade practices that hurt American workers.
By standing side-by-side with America’s workers and businesses, the President’s policies will unleash economic growth, create 25 million new jobs, and help Make America Great Again.
More from The Daily Wire on the Trump economy.