After the United States Federal Reserve (in English, FED) refused once again to cut interest rates yesterday, disregarding President Trump's recommendation, the July employment report published this Friday was weaker than expected.
The U.S. economy added 73,000 jobs in July, well below expectations that placed the monthly number at 104,000 workers added to the payroll. According to the Department of Labor, the unemployment rate rose to 4.2 percent.
As a consequence of this modest performance, Wall Street opened lower, with some doubts about whether the U.S. labor market could be heading toward stagnation, considering that last month 147,000 jobs had been added and the unemployment rate had fallen to 4.1%.
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Jerome Powell, the main person responsible.
On Truth Social, Trump appeared visibly frustrated by this report and lashed out at Jerome Powell, current chairman of the Federal Reserve. "Too little, too late. Jerome 'Too Late' Powell is a disaster. LOWER THE RATE! The good news is that tariffs are bringing billions of dollars to the U.S."
This week, the Fed announced for the fifth consecutive time that it was keeping its benchmark interest rate unchanged in a range between 4.25% and 4.50%, describing the current guidance to the labor market as "solid" and explaining that interest rates are "slightly restrictive".
The result of this decision for the economy is these poor numbers. With wholesale trade contracting, employment in professional and business services lost 15,000 jobs, along with the technology sector, which lost 2,000 jobs.
While the services sector added 96,000 workers, most of those jobs were in government-related sectors, such as health care and social assistance. The leisure and hospitality sector, often a good indicator of domestic consumption, barely increased its workforce by 5,000 jobs.
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The United States is moving away from illegal immigration.
The good news from the report is that, thanks to Trump, the U.S. labor market is less dependent on illegal immigration. While the number of foreign-born people who lost their jobs amounts to 1.5 million, U.S.-born people have secured 1.8 million jobs.
It is worth noting that the report indicates that the federal government eliminated 12,000 jobs, reducing employment in local and state governments, in another sign that Trump's chainsaw plan is in full swing.
Also thanks to the Republican's immigration policy, wages continue to rise. Average hourly earnings in the private sector increased by 12 cents, or 0.3 percent. Over the past 12 months, average hourly earnings have risen by 3.9 percent.
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Opposition to Powell is growing.
Powell's stance of keeping rates unchanged has led to opposition to his leadership emerging within the financial institution. Today, before the publication of the labor report, Governor Christopher Waller issued a statement explaining his disagreement with the decision.
"With the inflation number near the target and the upside risks to inflation limited, we shouldn't wait until the labor market deteriorates to cut the monetary policy rate," Waller analyzed.
"Jerome 'Too Late' Powell, a stubborn IDIOT, must substantially lower interest rates, NOW. IF HE CONTINUES TO REFUSE, THE BOARD MUST TAKE CONTROL AND DO WHAT EVERYONE KNOWS MUST BE DONE!," Trump stated.
American workers are protesting the conditions of the labor market. | La Derecha Diario
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