December 4, 2022

Employment Falls to 4.6%: 531,000 Jobs Added in July

The US economy is on the mend, with employers adding 531,000 jobs last month. This is the 10th consecutive month of job gains above 200,000. The unemployment rate fell to 4.6% from 4.9%. There are now 7 million more Americans working than at this time in 2008 and 1 million more than when Obama took office in 2009. Unemployment has fallen by 0.8 percentage points over the past year and 0 percent since January 2012.

The Commerce Department reported that the economy expanded at a 3.2% annual rate in the third quarter and appears to have grown even faster in the fourth quarter as consumers and businesses stepped up their spending. Growth for 2016 is now estimated at 1.6%, which would be sharply up from last year’s 0.8%. The US is adding jobs and nearly a million Americans will be entering the workforce. The economy is growing and domestic energy production is at all time highs, which puts us in a position to achieve 4% growth moving forward.

For all of Donald Trump’s talk about his economic policy making him better than Hillary Clinton for growth and jobs, there was not one mention of it in his acceptance speech. This is because Trump has struggled to define his economic policy other than he’ll be good for growth and jobs. Hillary Clinton, on the other hand, spent significant time in her convention speech outlining her economic plan which included several pro-growth policies that were often attacked by Republicans prior to Labor Day.

Growth can be stimulated by business tax reform that includes a new corporate tax code with rates that are competitive internationally, which allows for immediate expensing of capital expenditures. Tax reform would also include repatriation of foreign earnings at reduced rates to be used for increased investment in the US economy. Another policy designed to encourage growth is immigration reform which would increase labor force growth by 50% from 2013 through 2023 as well as increase the size of the US economy by over $1 trillion. In addition, reform would also raise wages for three quarters of American workers and reduce federal budget deficits by nearly $1 trillion over the next ten years.

The aforementioned policies are just a sample of Hillary Clinton’s economic agenda which is why she has an A rating from the National Association of Manufacturers, who endorsed her in June 2016. It’s why she regularly speaks to the US auto industry and other manufacturers across the country, while Donald Trump has not addressed any of them directly. If you want an economy that is growing at 4% instead of 1%, then you need Hillary Clinton.

I will be speaking at the Labour Day Parade in Clinton Township, Michigan on Monday September 5th. I’ll also be doing radio interviews that day to discuss Mrs. Clinton’s economic plan and my support for it. If you are interested, then please let me know and send along any questions you’d like covered.

I will be joining Mayor Fouts and members of the Macomb County Democratic Party at 9am to walk in this year’s parade. It’ll take place on Groesbeck Highway, southbound between 12 Mile Road and Gratiot Avenue.