Data shows a healthy US job market. Trump disagrees – and accuses the bite

Washington
Cnn
–

In many measures, America’s job market seems to be in good shape: In January, unemployment was on a historically low 4%as employers continued the second -longest line of job growth in American history, according to fresh government data out Friday.

However, the Trump administration had a more pessimistic view that pointed to an annual benchmark revision released Friday, showing that there were 589,000 fewer jobs added to the economy by 2024 than previously spoken.

“Benchmark told us that the downward revisions for Biden Job -The record was about cumulatively a whole million people, so we had a million fewer workers in the United States than (Bureau of Labor Statistics) told us just before the election than we actually had,” Telled Kevin Hassett, director of the White Huss National Economic Council, to CNNs Kate Bolduan Friday.

“The job market is far worse than we thought,” he said.

The White House Press Secretary Karoline Leavitt repeated this feeling in a statement: “Today’s job report reveals that the Biden economy was far worse than anyone thought, emphasizing the necessity of President Trump’s pro-growth policy.”

But the annual audit is a routine review of the studies that generate monthly employment data, which are then reconciled with estimates from other statistical sources that were not available when the number was first reported.

The recent annual audit was actually greater than usual, but not unusual. Actually there was a downward revision of 514,000 jobs (-0.3%) for the year ended in March 2019 In Trump’s first period before the Covid-19 pandemic.

And while the federal government surveys have become less robust because of Falling response rates In recent years, the number is still an important snapshot of the world’s largest economy.

The American job market these days is not running at the same red -hot pace that comes out of the pandemic, but it remains solid.

Employment has still subsided, as job seekers, especially young people, can certify.

The rate by which Americans are hiring continued to hover at 2013 levels in December, according to the latest data released this week when Americans end less frequently than they have done in recent years.

In November, the number of Americans reached more than 26 weeks its highest level of more than two years, although it fell in December and January.

Lydia Boussour, senior economist at Ey-Parthenon, said in comments issued on Friday that the United States has a “frozen but robust labor market”, which is expected to see “job growth to slow down during the trend this year and see that unemployment is rising. against 4.4 %.

It could get worse if Trump continues to beat 25% duties on Mexico and Canada, which he delayed until March 1 from the original 1st February.

“Steep tariffs and increased uncertainty about the policy could push companies to increasingly adopt waiting-and-see behavior and withdrawing on employment,” Boussour said. “This can lead to a more serious job sloping, weaker income and maintained consumer costs in the midst of much higher inflation.”