The U.S. Bureau of Labor and Statistics released the Employment Situation Summary report for July 2019 showing the unemployment rate stayed around 3.7 % as the economy added 164,000 jobs.
According to the Epoch Times:
“The unemployment rate remained at 3.7 percent, reflecting 6.1 million jobless Americans. That number, however, doesn’t tell the whole story since it only includes people who sought a job in the past four weeks.
The BLS also releases a more comprehensive unemployment rate, called U-6, which also includes people who sought a job at least in the past 12 months as well as those employed part-time who want a full-time job. The U-6 inched down to 7 percent in July. The BLS only started to track this measure in 1994 and since then it only dropped under 7 percent three times, all in 2000, right before the dot-com bubble burst.
The labor force participation rate, the portion of working-age Americans employed or who looked for a job in the past 4 weeks, increased to 63 percent in July.” – The Epoch Times
This comes amid escalating tensions with China regarding the Trump Administrations use of tariffs in the current trade war.
President Trump weighed in via twitter on what he claimed was a lack of support from the Federal Reserve, and he brought up the current trade war with China:
….As usual, Powell let us down, but at least he is ending quantitative tightening, which shouldn’t have started in the first place – no inflation. We are winning anyway, but I am certainly not getting much help from the Federal Reserve!
— Donald J. Trump (@realDonaldTrump) July 31, 2019
Larry Kudlow appeared on Fox Business to discuss the new jobs report and provide his analysis: