Posted on 08/03/2025 4:07:13 AM PDT by karpov
President Trump has now imposed his new tariff regime on the world, and the triumphalism is palpable in MAGA land. But maybe hold the euphoria, as this week’s reports on jobs and the economy suggest the new golden age may take a while to appear.
Friday’s labor report arrived with a particular jolt, with a mere 73,000 net new jobs in July. Even more bearish were the downward revisions of 258,000 jobs in May and June. Job gains over the last three months are barely more than 100,000.
The details in the report provide little solace. The jobless rate ticked up only to 4.25% from 4.1%, but that was in part because the labor force continued to shrink. The labor participation rate fell again to 62.2% and is now down half a percentage point in a year.
Employers aren’t laying off workers, but they have all but stopped new hiring. Notably, most of the new jobs are in healthcare and social assistance, which rely heavily on government spending. This continues the Biden-era trend that Trumponomics was supposed to change. Not so far.
The much-advertised rebirth of U.S. manufacturing also hasn’t arrived. The economy shed 11,000 manufacturing jobs in July, following a loss of 26,000 in May and June. The ISM Manufacturing Index fell again in July to 48, the fifth straight month below 50.
(Excerpt) Read more at wsj.com ...
Well, we here remember at the start of this that the media screamed about having another 1930s Depression as that’s what Smoot-Hawley allegedly caused (more Democrat history mythology). Also, most of us here were aware that there were going to be some initial bumps or turbulence involved with the corrective actions Trump introduced (this seems to be what is taking place) but in the long run very beneficial to both supply management and jobs.
All individuals with shortcomings can blame their miserable lives on Trump. Yep, that’ll soothe them.
Thanks for posting. BUMP!
Matt Taibbi needs to adjust his recent headline…
”The New York Times AND The Wall Street Journal Can’t Stop Sucking.”
Are they going to come back a month from now and say, "Oops, hiring really was much higher in the 1st Q."
I trust nothing coming out of the mouth of a bureaucrat. Not even under President Trump's term. Especially in fact. Too many leftist termites deep in the woodwork.
The WSJ can rot in hell. They are urinalists, propagandists, agenda-driven would-be kingmakers and kindslayers, no better than NYT or WaPo. A pox on them.
Or, more appropriately, The Wall Street Journal stumbles...again.
They used to call that - Brandonomics.
You really should tell people that’s a fake news site
why WSJ would use Friday’s jobs report as a jumping off point is bizarre. for over a year the revisions from BLS have raised eyebrows, leaving us all - including the WH - wondering what the real state of the employment market is. while revisions are normal, that size of BLS’s is not. it is also important to realize that there are still millions of workers not tracked by unemployment rate - still on the sidelines since Covid, so another flawed data point. hopefully the WH quickly brings numbers in line with reality. judging by the drop in Tsy yields on Friday, the bond market sees softness in labor market. hello, Jerome???
She subverted the process. The economy needed a rate cut. Here false figures gave Powell another reason not to reduce the fed rate.
The Wall Street was once a great newspaper.
Now, it’s owned by anti-Trump Rupert Murdoch.
It’s sole purpose is to undermine President Trump, his Administration, and the entire MAGA movement.
Globalist, anti-freedom scum.
The Deep State is deep. I don’t trust Powell or the head (now fired) of BLS.
Tell me who amongst us would get to keep our jobs if we had to constantly “revise” our numbers in the manner and to the degree that BLS does? I remember the roaring Biden economy that was adding jobs like crazy one month only to have that “revised downward” the very next.
I know, “both sides of the aisle respect the head of BLS because she is “an economic expert.” Uh huh. Once upon a time I remember that both sides of aisle also professed their deep respect for another Deep Stater who was an “infectious disease” expert.
ANYONE who is “respected by both sides of the aisle” and a longtime DC figure is opposed to anything not status quo. That person will lie, cheat or steal to preserve it. The WSJ is the mouthpiece for that system.
They can take their editorial and shove it.
One labor report does not a trend make.
Every chance they get, just put the most negative spin on Trump that they can muster.
As in the past, reality will turn out so different from their false prophecies that feel free to call it fake news.
Oh I see a trend developing here...
Agreed. I guess my post was taking the numbers at face value and I may have been that little bit naïve, lol. They might have to indeed go back and revise the numbers upward as you say.
As long as everything is good by summer 2026, we should be in good shape by November:
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