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Trump bashes media after lackluster August jobs report

Trump bashes media after lackluster August jobs report

President Trump DONALD JOHN TRUMPSmoot-Hawley fearmongering continuesJerry Moran: ‘I wouldn’t be surprised’ if Pompeo ran for Senate in KansasThe Hill’s 12:30 Report: Trump doubles down on Dorian’s threat to AlabamaMORE lashed out Friday at the news media after the release of an underwhelming August jobs report, accusing journalists of stoking anxiety about a potential recession.

“The Economy is great. The only thing adding to ‘uncertainty’ is the Fake News!” Trump tweeted Friday, hours after the Bureau of Labor Statistics released an August jobs report that fell below expectations.

The Economy is great. The only thing adding to “uncertainty” is the Fake News!

— Donald J. Trump (@realDonaldTrump) September 6, 2019

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The U.S. economy added 130,000 jobs in August, 25,000 of which were hires for short-term positions to conduct the 2020 U.S. census. While the unemployment rate stayed steady at 3.7 percent, the August jobs gains were well below economists’ estimates of 145,000 to 160,000 new hires.
The August jobs report was the latest sign that the growth of the U.S. economy is beginning to slow after more than a decade of consistent expansion. Economists say that while the country is adding enough jobs to stave off a recession for now, a broader global slowdown poses severe risks for the U.S.

Trump’s escalating trade war with China, slowing global growth and several geopolitical stressors have weighed on a resilient U.S. economy. The two countries are set to resume trade talks next month.

Trump also tweeted about China on Friday, saying, «Billions pouring into USA. Targeted Patriot Farmers getting massive Dollars from the incoming Tariffs! Good Jobs Numbers, No Inflation(Fed). China having worst year in decades. Talks happening, good for all!»

 

While the labor market and consumer spending remain strong, U.S. business investment and growth in trade-sensitive sectors have slumped due to fewer foreign sales, the rising costs of imported goods and the uncertainty surrounding the global outlook.

«As this report fades into memory, the expectation is that the U.S. economy will continue to grow in the months ahead, but the risks of a recession are heightened,» said Mark Hamrick, senior economic analyst at Bankrate.com

«To some degree, that’s part of the natural progression of the economy. But there’s no doubt that the risks have been exacerbated by trade tensions, tariffs and weakness in the global economy.»

Trump, who faces political peril if a recession begins before the 2020 presidential election, has tried to tamp down talk of a downturn. He has accused Democrats of sabotaging the economy to derail his reelection and routinely bashes the press for reporting on the souring global economic forecast.

Trump has also stepped up his attacks on the Federal Reserve, seeking more stimulus to boost the economy. The president has ripped the central bank for not matching the negative interest rates of European countries, even as the U.S. economy grows.

“The Fed should lower rates. They were WAY too early to raise, and Way too late to cut — and big dose quantitative tightening didn’t exactly help either,” Trump tweeted Friday.

“Where did I find this guy Jerome? Oh well, you can’t win them all!” Trump added, referring to Fed Chairman Jerome Powell, whom the president nominated to lead the central bank in 2017.

 

 

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