On Labor Day, we think of workers and the U.S. economy. A year ago, everything looked super good, and then came the pandemic of 2020.
We are not back to 2019 levels but there were some good signs on Friday’s report, as reported by CNBC:
Nonfarm payrolls increased by 1.37 million in August and the unemployment rate tumbled to 8.4% as the U.S. economy continued to climb its way out of the pandemic downturn.The unemployment rate was by far the lowest since the coronavirus shutdown in March, according to Labor Department figures released Friday. An alternative measure that includes discouraged workers and those holding part-time jobs for economic reasons also fell, down to 14.2% from 16.5% in July and 22.8% at the peak in April.Economists surveyed by Dow Jones had been expecting growth of 1.32 million and the jobless rate to decline to 9.8% from 10.2% in July.
I can remember when 8.4% unemployment was nothing to celebrate but everything is different these days. This is 8% coming down from double digits.
What does it mean for President Trump’s reelection? Let’s hope that the trend continues and that more Americans feel that we are headed in the right direction.
Like President Lincoln seeking reelection in 1864, President Trump needs Americans to feel better about the state of things. So far, it looks like things are looking a lot better than they did a couple of months ago. The betting polls are close and Rasmussen reports an approval rate of 52%.
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