By
Expectations heading into this morning showed projections of about 240,000 new jobs having been added in the United States in June. As it turns out, according to the new report from the Bureau of Labor Statistics, the job market didn’t quite reach that level. CNBC reported this morning:
Employment growth eased in June, taking some steam out of what had been a stunningly strong labor market. Nonfarm payrolls increased 209,000 in June and the unemployment rate was 3.6%, the Labor Department reported Friday. That compared to the Dow Jones consensus estimates for growth of 240,000 and a jobless level of 3.6%.
With revisions from April and May factored in, we’ve now seen roughly 1.67 million jobs created so far this year — and that’s after just half of 2023.
What’s more, today’s report pointed to solid wage growth and an unemployment rate that’s been below 4% for a year and a half. The preliminary total for the month might appear underwhelming, but it appears the job market is starting to return to a pre-pandemic normal.
Put it this way: When monthly job growth of 209,000 strikes some as disappointing, it’s evidence of people growing accustomed to amazing economic news.
As for the politics, let’s circle back to previous coverage to put the data in perspective. Over the course of the first three years of Donald Trump’s presidency — when the Republican said the United States’ economy was the greatest in the history of the planet — the economy created roughly 6.35 million jobs, spanning all of 2017, 2018 and 2019.
According to the latest tally, the U.S. economy has created roughly 13.7 million jobs since January 2021 — more than double the combined total of Trump’s first three years.
In recent months, Republicans have responded to developments like these by pretending not to notice them. I have a hunch GOP officials will keep the trend going today.
This post updates our related earlier coverage.