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Bob Woodward book: Trump thought his tariffs were boosting jobs numbers — before any tariffs were imposed
President Donald Trump thought that his tariffs were helping the US job market before the tariffs were even imposed according to Bob Woodward's new book "Fear: Trump in the White House."
‘Let’s just remember when this recovery started’: Obama hits back at Trump taking credit for strong economy
Former President Barack Obama said that Republicans and President Donald Trump may be taking too much credit for the strength of the US economy. "So when you hear how the economy is doing right now let's just remember when this recovery started," Obama said.
The US jobs report released Friday showed that wages increased in August at their fastest year-on-year pace since the Great Recession. The report also showed that employers added more nonfarm payrolls than had been forecast, while the unemployment rate remained at an 18-year low of 3.9%.
President Donald Trump's tariffs are starting to take their toll on small businesses. Many firms are being forced to lay off workers to save money because of the increased price of imported goods.
The US manufacturing sector has added 327,000 jobs in the past 12 months, the highest number of jobs added in a 12-month period since April 1995. The boom comes after President Donald Trump promised to bring back US manufacturing.
The jobs report released on Friday showed that no group of companies saw bigger losses than retailers of sporting goods, toys, books, and music. Toys R Us filed for Chapter 11 bankruptcy protection last September, and announced in January that it was closing all its stores.
One signal July was strong can be found in the low number of people filing for unemployment benefits for the first time. Initial jobless claims were near a 50-year low in the week officials conducted their survey for the jobs report, and they haven't added up to more than 300,000 since March 2015.
People are quitting their jobs in droves this year — and getting record-setting pay boosts because of it
Job switchers are earning 48% higher annual pay increases in 2018 than those who stay in their jobs, according to data from the Federal Reserve Bank of Atlanta. The pay raise gap between job seekers and job stayers hasn't been this big since 2000.
The June jobs report showed employers added more jobs than expected. The unemployment rate increased, but that was because more people joined the labor force to look for work.
The June jobs report is expected to be pretty solid, but Bank of America Merrill Lynch analysts have some ideas as to which numbers would cause the market to freak out.