UPDATED 12:56 PM PT — Friday, September 6, 2019
White House chief economic adviser Larry Kudlow said the Trump administration is happy with the August jobs report despite growth coming in lower than expected. The Labor Department revealed the U.S. added 130,000 new jobs in August, with the unemployment rate unchanged at 3.7-percent.
The Economy is great. The only thing adding to “uncertainty” is the Fake News!
— Donald J. Trump (@realDonaldTrump) September 6, 2019
In an interview Friday, Kudlow said that’s a “very solid number,” and pointed out that August is always “a quirky month.” The economic adviser said seasonal factors usually impact the initial August report, with upward revisions happening later.
Kudlow touted the wage growth seen in Friday’s report, suggesting it showed “blowout” numbers.
“American workers are getting paid. Now, average hourly earnings, 12 month change, is 3.2-percent, but in the last three months average hourly earnings have picked up to four-percent, 4.2-percent, at an annual rate, ” he explained. “And by the way, that’s what the productivity of numbers is showing, so look, this actually was a blowout number.”
The professional and business services sector saw the most growth, closely followed by the government as the U.S. hired temporary workers for the 2020 census.