The Trump campaign is calling Vice President Kamala Harris President Biden’s “co-pilot” in the “Bidenomics” that led to the poor July jobs numbers, which brought the unemployment rate in the U.S. to the highest level in nearly three years.
The U.S. Department of Labor 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 JOB GROWTH SLOWS TO 114K IN JULY WHILE UNEMPLOYMENT UNEXPECTEDLY JUMPS
It marked the highest level for the jobless rate since October 2021.
Both the Trump and Harris 2024 campaigns have put out ads attacking each other for their U.S. southern border policies. (Getty Images)
“Kamala Harris has proudly and repeatedly celebrated her role as Joe Biden’s co-pilot on ‘Bidenomics,'” Trump campaign national press secretary Karoline Leavitt said Friday. “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.”
Leavitt added: “The basic necessities of food, gas and housing are less affordable, unemployment is rising, and Kamala doesn’t seem to care.”
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.
Republican presidential candidate, former U.S. President Donald Trump reacts during the CNN Presidential Debate at the CNN Studios on June 27, 2024, in Atlanta. (Justin Sullivan/Getty Images)
The weaker-than-expected data also raised questions about whether the Federal Reserve 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).
However, there were some notable job losses last month. Information employment declined by 20,000, while financial activities shed 4,000 employees.
Vice President Kamala Harris is pictured during a campaign event in Milwaukee, Wisc., on Tuesday, July 23, 2024.
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.
But Harris’ campaign is blaming former President Donald Trump for the latest negative jobs report—nearly a full term after he left office.
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“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.”
Fox Business’ Megan Henney contributed to this report.