Despite Trump’s repeated claims, numerous economic indicators demonstrate that he inherited a robust US economy from Biden. Key metrics like unemployment (4.1%), inflation (2.9%), and GDP growth (3.1%) were all favorable at the end of Biden’s term, exceeding those of many other G7 nations. Furthermore, job growth under Biden significantly surpassed that of Trump’s first term, and manufacturing jobs saw a substantial increase. Economists widely refuted Trump’s assertions, characterizing the economy Biden left behind as exceptionally strong.
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Jobless claims rose to a three-month high of 242,000 last week, exceeding analysts’ predictions but remaining within the healthy range observed over the past three years. The four-week average also increased, reflecting a slight uptick in layoffs. This increase, however, is anticipated by some economists to be a gradual rise rather than a sudden surge, potentially linked to upcoming government-mandated workforce reductions. Despite this, the broader labor market remains robust, with low unemployment and continued job growth, though at a slower pace than in recent months.
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The recent news of the surge in US job growth in September, along with the decrease in the unemployment rate to 4.1%, has sparked a mix of reactions and opinions. Some have cheered this development, calling it great news and a positive sign for the economy. Others have expressed skepticism or frustration, questioning the quality of the jobs being added and the overall impact on the workforce.
One key point that stands out is the disparity between job creation under Democratic versus Republican administrations. The statistic shared by Bill Clinton highlighting that Democrats have added 50 million jobs in the last several decades compared to only 1 million under Republicans is quite telling.… Continue reading
John Q. Hosedrinker