WASHINGTON,(Pakistan Point News - APP - 6th Augst,2016) - The US economy generated more than a quarter of a million jobs in July -- a bigger-than-expected gain that will likely provide valuable ammunition for Democrat Hillary Clinton as she and Donald Trump battle for the White House. The new numbers released Friday -- which sent US stocks soaring -- were also accompanied by upward revisions of May and June data in a sign the job market in the world's largest economy is healthier than previously thought.
Non-farm payrolls rose by 255,000 positions in July while the unemployment rate remained stable at 4.9 percent, the Labor Department reported. Forecasts had called for a much more modest increase of 185,000 jobs. Private businesses and government employers added 292,000 jobs in June, not the 287,000 first reported, and 24,000 jobs in May, not the very low, downward-revised figure of 11,000. "This month's report confirms that the Great Recession is indeed in the nation's rearview mirror -- the economy has added jobs for 70 consecutive months, the longest streak on record," Labor Secretary Thomas Perez said.
On the White House campaign trail, Clinton has painted a picture of optimism and jobs growth, while Trump has cast America as an economy in decline -- Friday's numbers can only help Clinton. The Trump campaign sought to downplay the news, with senior policy advisor Stephen Miller saying the recovery was the weakest since the Great Depression, with conditions largely disfavoring working people. "Entire communities have been wiped out by off-shoring," said Miller. "Many workers today are earning less than they did in 1970, and household incomes are down nearly $2,000 under the Obama administration."