Vice President Kamala Harris’ campaign is blaming former President Trump for the latest negative jobs report — nearly a full term after he left office.
“Donald Trump failed Americans as president, costing our economy millions of jobs, and bringing us to the brink of recession,” Harris for President spokesperson James Singer said in a statement.
“Now, he’s promising even more damage with a Project 2025 agenda that will decimate the middle class and increase taxes on working families, while ripping away health care, raising prescription drug costs, and cutting Social Security and Medicare — all while making his billionaire donors richer.”
Singer added: “We’ve made significant progress, but Vice President Harris knows there’s more work to do to lower costs for families.”
US JOB GROWTH SLOWS TO 114K IN JULY WHILE UNEMPLOYMENT UNEXPECTEDLY JUMPS
US Vice President Kamala Harris speaks during a campaign event at Westover High School in Fayetteville, North Carolina, on July 18, 2024. (ALLISON JOYCE/AFP via Getty Images)
Singer said Harris “will make building up the middle class the defining goal of her presidency, taking on greedy corporations that are price gouging consumers, banning hidden fees, and capping unfair rent increases and drug costs.”
The Harris campaign’s comments come as U.S. job growth cooled sharply in July while the unemployment rate unexpectedly rose to the highest level in nearly three years.
The Labor Department on Friday reported that employers added 114,000 jobs in July, missing the 175,000 gain forecast by LSEG economists. The unemployment rate also unexpectedly inched higher to 4.3% against expectations that it would hold steady at 4.1%.
US President Joe Biden, left, and Vice President Kamala Harris on the Truman Balcony of the White House in Washington, DC, on Thursday, July 4, 2024. (Tierney L. Cross)
It marked the highest level for the jobless rate since October 2021.
Friday’s report adds to mounting evidence that the economy is weakening in the face of ongoing inflation and high interest rates. Stock futures plunged as the report reignited fears of an impending recession, with Dow futures shedding more than 500 points.
The weaker-than-expected data also raises questions about whether the Federal Reserve has waited too long to cut interest rates. Policymakers voted at the conclusion of their two-day meeting on Wednesday to hold rates steady at a 23-year high but signaled that they could start loosening policy as soon as September.
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Health care continued to lead the way in job creation, onboarding 55,000 new workers in July. Other sectors showing notable growth included construction (25,000), the government (17,000) and transportation and warehousing (14,000).
U.S. Vice President Kamala Harris delivers remarks as U.S. President Joe Biden looks on in the Rose Garden of the White House on July 26, 2021 in Washington, DC. (Anna Moneymaker/Getty Images)
However, there were some notable job losses last month. Information employment declined by 20,000, while financial activities shed 4,000 employees.
The report also showed modest revisions. Job gains for June were revised down by a total of 27,000 jobs to 179,000, the government said, while May’s gain also came in slightly lower at 216,000 jobs.
The Trump campaign blamed the Biden-Harris administration.
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“Kamala Harris has proudly and repeatedly celebrated her role as Joe Biden’s co-pilot on ‘Bidenomics,’” Karoline Leavitt, Trump Campaign National Press Secretary, said in a statement. “She cast tie-breaking votes in the Senate for spending that put inflation on steroids, and despite the evidence that America’s working families are hurting she tells us these failed plans are working.”
She added: “The basic necessities of food, gas and housing are less affordable, unemployment is rising, and Kamala doesn’t seem to care.”
Fox Business’ Megan Henney contributed to this report.