July marked the highest level for the jobless rate since October 2021
Buckle up, folks – Vice President Kamala Harris is pointing fingers at former President Donald Trump for the latest series of unfortunate events in the job market. Despite Trump having left office nearly a full term ago, Harris’s campaign firmly believes his economic ghosts still haunt us. Indeed, July’s job report left many quaking as it marked the highest jobless rate since October 2021. Not exactly the kind of milestone you brag about at reunions.
According to Harris for President spokesperson James Singer, “Donald Trump failed Americans as president, costing our economy millions of jobs, and bringing us to the brink of recession.” Ouch. Singer went on to say that Trump’s Project 2025 agenda could spell even more doom, with promises of decimating the middle class, increasing taxes on working families, gouging health care and prescription drug costs, and shredding Social Security and Medicare — while somehow making his billionaire buddies even wealthier. Quite the laundry list of grievances.
Let’s not forget that Harris’s fight isn’t just about finger-pointing. “We’ve made significant progress, but Vice President Harris knows there’s more work to do to lower costs for families,” Singer added. So, what’s the plan? It involves combating price-gouging corporations, banning sneaky hidden fees, and putting a cap on unfair rent and drug cost hikes. Sounds ambitious, but let’s see how that plays out.
However, it’s clear that this tale of economic woe isn’t solely about past transgressions. The U.S. job growth took a nice cold shower in July, significantly missing expectations. Employers added a mere 114,000 jobs, way below the predicted 175,000. The unemployment rate also crept up to 4.3%, marking the highest point since nearly three years ago.
According to the Labor Department, Friday’s disappointing report piles onto the evidence that the economy is slogging through mud, battling ongoing inflation and high interest rates. It’s got folks on Wall Street jittery, with stock futures plummeting and fears of an impending recession mounting. Dow futures took a steep dive, shedding over 500 points. And if that isn’t a wake-up call, what is?
This isn’t helping the Federal Reserve sleep easy either. The weaker-than-hoped-for numbers have them scratching their heads, wondering if they’ve waited too long to cut interest rates. As it stands, they’ve held rates steady at a 23-year high, but the precarious economy hints they might start loosening things up as soon as September.
Even amidst these bumps, some sectors are still driving the job market forward. Health care, for instance, added 55,000 new hires in July. Construction saw a boost with 25,000 new jobs, while the government and transportation sectors added 17,000 and 14,000 jobs respectively. But it’s not all sunshine and roses – the information sector and financial activities saw notable declines, the former shedding 20,000 jobs and the latter losing 4,000.
Revisions to prior months also didn’t do any favors. June’s job gains were adjusted down to 179,000 from what was previously reported, and May saw a slight decline too.
On the other end of the political spectrum, the Trump campaign was quick to fire back. Trump Campaign National Press Secretary Karoline Leavitt retorted, “Kamala Harris has proudly and repeatedly celebrated her role as Joe Biden’s co-pilot on ‘Bidenomics.’ She cast tie-breaking votes in the Senate for spending that put inflation on steroids, and despite evidence that America’s working families are hurting she tells us these failed plans are working.” In other words, doubling down on the idea that the current administration’s policies haven’t exactly been a bed of roses.
Reading between the lines, it’s clear the job market — and indeed, the entire economy — is in a state of turmoil fit for a Shakespearean drama. Whether it’s the fault of lingering policies from yesteryear or recent baton passes, the struggle remains the same for the average American family just trying to get by.
