The US economy added 225,000 new jobs in January, exceeding previous expectations. Hiring American construction companies has helped increase the number of jobs, and moderate weather conditions have allowed more buildings to be built. Has the number of jobs in the United States really increased under President Trump?
The increase of the number of jobs in the United States
According to a recent poll conducted by Reuters news agency:
- Economists had expected jobs (without limitation on farm workers) to increase by about 160,000.
The unemployment rate
- However, the unemployment rate also rose from 3.5 percent to 3.6 percent in December.
- When more Americans were registering their names on the lists of those working or looking for work.
Richard Flynn said:
British general manager at Charles Schwab of the stock exchange.
Today’s figures exceed expectations, and the Federal Reserve’s decision to maintain steady rates appears convincing to more jobs, lower unemployment, and average salary growth.
Despite this, and with the growing concern about the spread of the coronavirus, the ongoing trade talks and the Brexit negotiations, investors should remain wary of clear risks in the stock market in the near future.”
Average hourly salaries:
- It increased by 0.2 percent in the past month.
- While the annual increase rate increased from 3.0 percent in December to 3.1 percent in January.
Jerome Powell, a member of the Federal Reserve, said that the growing workforce and the slight increase in unemployment “represent opportunities for more employment, which may make salaries maintain their low levels”, compared to other economies.
In another context, the US Department of Labor stated that there were 514,000 fewer jobs than planned between April 2018 and March 2019. This is the largest statistical decrease in jobs since 2009.
The US President has repeatedly stated during his first years in office that:
His economic policy has resulted in more job opportunities for Americans and the improvement of the American economy.
But some reports indicated that there was “exaggeration” in some of these statements.
An economic analysis report published on January 30, 2020
- That the companies that US President Donald Trump said would create thousands of jobs “have failed to achieve this.”
The number of American employees at Lockheed increased by about 15 percent and in Fiat by about 11 percent. With some gains from wider operations in North America, the total net number of jobs in the two companies is about 22,800 jobs since the end of the year 2016.
The total US jobs at Ford and GM
- By contrast, the total number of US jobs at Ford and GM has fallen by about 10,000, or 5 percent.
- Despite investing billions of dollars in their auto factories.
According to figures from the US Department of Labor:
- The US economy has created about 193,000 new jobs every month during the past three years.
- But despite the benefit of large deductions for corporate tax rates approved by Trump in 2017.
- This figure is 14 percent less per month compared to what the administration of former President Barak provided Obama, during the last three years of his rule.
The question is:
Will President Trump be able to provide a large number of jobs during the remainder of his presidency to fulfil his promises in this regard?