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<\/p>\nRUSH: We\u2019ve got the jobs report out now, and we have a record number of Americans employed: 155,965,000 in June. That\u2019s the 11th record-setting, jobs-related statistic under Donald Trump. The 11th record. The economy added, according to the Bureau of Labor Stats, 157,000 jobs in July, but this is kind of misleading. There are a number of economics experts in the media and throughout the Washington establishment who are disappointed with this number.<\/p>\n
They\u2019re saying, “If we\u2019re coming off a second quarter where the GDP was growing at a rate of 4.1% and we only add 157,000 jobs, why, that\u2019s not good news!” Larry Kudlow has been running around saying, yeah, but that\u2019s not all of the information because the three previous — what is it — months, have all been revised upwards significantly. In other words, in the last three months… I don\u2019t have the exact months and revisions in front of me, but the total is around 60,000 additional jobs that were not reported in each of the past three months.<\/p>\n
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And this number, this 157,000 number, will probably be revised as well. So Kudlow is out saying that if you look at the revisions that have been made… These are estimates. Nothing\u2019s new about this. These are estimates. They have to put this number out because, well, it\u2019s demanded. But then, as more data rolls in, as time goes on, we get a more accurate picture. Sometimes they get revised down. That happened a lot during the Obama administration. They released numbers; then we found out it wasn\u2019t quite as good.<\/p>\n
This happened with gross domestic product I can\u2019t tell you how many times, and it caused a number of us to actually wonder, if you can believe it, whether or not the Obama administration would fudge the numbers. We couldn\u2019t believe that! But it began to happen so frequently that, I mean, you\u2019d have a GDP report, “Wow, that\u2019s not bad, considering nobody\u2019s got a job,” and then very quietly the next month, they\u2019d revise it down.<\/p>\n
Well, what\u2019s happening here with Trump in the last three months, the last three-month jobs report numbers, today revisions were announced and it\u2019s an additional 60,000 new jobs. So Kudlow is out saying that this number today, 157,000, if the revision trend holds, it\u2019s going to be closer to 200,000. But of course the experts aren\u2019t having it. The 4.1% GDP should be a lot more jobs. The one thing that really happened here that I think is good — and this will show you the dichotomy or the contradicting nature of the market.<\/p>\n
You would think… Just if you had no other concerns, you would think that the wages, the amount of money people earn, if it\u2019s going up, it\u2019s great news, right? That\u2019s what we\u2019re all about here. We\u2019re about a growing economy. We want people to earn more money, higher wages, earn a lot for risk-taking and entrepreneurship. We want people earning it, right? Not so fast. Over at the Federal Reserve, if they think that wage increases are happening too fast, you know what they do? They raise interest rates.<\/p>\n
You know why they do that? Because they need to slow down the economy. Now, us plebes out here who have not been educated in the intricacies of the economics in the Ivy League say, “Wait a minute! Why in the world would you want to slow things down when people\u2019s wages are going up?” They say, “This is classic. This is why we\u2019re doing it and you are not. You don\u2019t understand! We have to guard against inflation.”<\/p>\n
“Ohhhhhh, I get it. You have to make sure the economy doesn\u2019t grow too fast so that inflation doesn\u2019t set in and make every dollar out there worth less than it should be.”<\/p>\n
“Yes, that\u2019s exactly right.”<\/p>\n
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I said, “But something doesn\u2019t make sense here, because you people start raising interest rates at the slightest increase in anything. You are ready to choke off an economic growth pattern way too prematurely, I\u2019ve always thought.”<\/p>\n
Well, they\u2019re not doing that here. They didn\u2019t raise interest rates the latest time around. The latest wage increases averaged 2.7%, which, again, it\u2019s not high enough for the thinking experts in TV economics. But it\u2019s still an uptick and it wasn\u2019t enough to cause interest rates to be — which, believe me is a good thing. We don\u2019t want to start slowing down the economy, especially now, as we head into the midterms.<\/p>\n
Of course, the Democrats are getting all worried about this and they\u2019ve got people running around saying, “There isn\u2019t any tax cut. I know people can\u2019t feel it! I mean, you say you\u2019ve got the numbers, and the Washington revenue sources are going way up because there\u2019s more taxpayers paying taxes, but people don\u2019t feel like this economy\u2019s any great thing, and they\u2019re not aware of having any more.” It\u2019s the Democrats out saying this, of course; the media loves publicizing them.<\/p>\n
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And I have a question. In the unemployment news, the unemployment rate for African-Americans and Hispanics continues to be at an all-time low. Unemployment rate, African-Americans, all-time low. You would think — the way the world thinks, the way the country thinks, the way the media thinks — that with the election of the first African-American president that life for African-Americans in America would skyrocket.<\/p>\n