Strong Job Growth Recorded Despite Unhappiness from Americans
The US economy continued to expand in the month of September, despite reservations from people living within the country.
The US economy continued to expand in the month of September, despite reservations from people living within the country. According to the Labor Department, non-farm payrolls increased by 661,000 in the month, significantly outperforming expectations of around 600,000. This is the highest monthly increase in jobs since last July.
In addition, the national unemployment rate fell from 8.4 percent in August to 7.9 percent in September. This decrease, the largest since April, suggests the American job market is trending in the right direction. However, many Americans are still feeling the pinch of the troubled economy.
Currently, around two-thirds of the US population believes the economy is performing badly, according to the latest survey from the Pew Research Center. This outlook is most prominent amongst those earning less money and people of colour. Though this view is currently bleak, it has improved from a high of 78 percent that was reached in April.
President Donald Trump and lawmakers from his Republican Party heralded the positive figures in a joint statement. They credited "the pro-growth policies of President Trump" as the reason behind the increasing job numbers. However, doubts remain as to whether this is actually the case.
In contrast, Federal Reserve Chairman Jerome Powell said the economic recovery was "far from complete" in a speech on Thursday. He suggested that new fiscal relief measures would be needed to reduce the burden on struggling households and businesses. Currently, this aid is held up in Congress as Republicans and Democrats cannot agree on terms.