President Donald Trump loves to claim that the United States is experiencing “the best economy & jobs EVER,” but a closer look at the data reveals that the president’s hyperbole doesn’t match the data.
Fewer jobs have been created each month since Trump took office than were added under President Barack Obama, on average.
MSNBC economic analyst Steven Rattner presented the data from the Bureau of Labor Statistics. “Obama finished out his last 18 months with stronger employment gains than Trump has over his first 18 months,” Rattner tweeted on Monday. Obama’s final 18 months saw an average of 206,000 jobs added per month.
During Trump’s first 18 months, that number has fallen to 193,000. The jobs report for July 2018 will be released on Friday, August 3rd, so the 193,000 average may fluctuate.
Job growth has been on a roll since the recovery began in 2010. Obama finished out his last 18 months with stronger employment gains than Trump has over his first 18 months. My @Morning_Joe chart: pic.twitter.com/jhKRjesgvd
— Steven Rattner (@SteveRattner) July 30, 2018
The unemployment rate, which is hovering around 3.8 percent, is also not historically low. In the 1950’s, it dipped below three percent. The 1950’s was an era of heavy investment in infrastructure and progressive taxation.
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There have been 3.7 million jobs added since November 2016, however, overall growth has slowed since Trump took office.
Per CNN in July: “The United States added 2.7 million jobs in 2015 and 2.3 million in 2016. It added 2.2 million last year and is on pace for 2.6 million this year.”
Gross Domestic Product.
Last Friday, the Commerce Department released its quarterly report on American economic output, which showed GDP at 4.1 percent. Trump was quick to declare this as “amazing” and “an economic turnaround of historic proportions.”
I am thrilled to announce that in the second quarter of this year, the U.S. Economy grew at the amazing rate of 4.1%! pic.twitter.com/xeAPwAAOXN
— Donald J. Trump (@realDonaldTrump) July 27, 2018
What the president is omitting, however, is that he inherited an economy that had already been on the upswing long before he took office.
“The data show that the falling unemployment rate and gains in home values reflect the duration of the recovery,” according to CBS’s analysis, “rather than any major changes made since 2017 by the Trump administration.”