Jobs figures announced Friday by the Department of Labor showed 156,000 created, a downward revision of June and July numbers.
The numbers had to be discouraging for President Donald Trump, given the promises he had offered during his campaign for president to his core supporters. Maybe the worst statistic was the drop in the number of Americans in the 25-to-54 age group who are working, down by 0.3 percent, not a lot but down rather than up.
In general, however, seeking to assess the future impact on United States’ economic growth, particularly in terms of reducing the economic inequality gap, of impending U.S. government actions, the picture is not all bad. In the long run, some matters on the congressional agenda, if passed, could give the U.S. economy a boost.
Smooth passage of a raise of the U.S. debt limit above $20 trillion, clean passage of budget and appropriations legislation, and a normal, expected rise in the Fed interest rate should encourage second-half growth of America’s gross domestic product above its pallid first-half increase of 2.1 percent.
If Congress and the White House can somehow apply themselves to coming forth with a viable tax reform bill, it could lead to positive developments in the employment market.
In any case, the U.S. economy is definitely in need of a shake-up.