The Trump campaign has called Vice President Kamala Harris “co-pilot” for President Biden, who has been under pressure from the Democratic presidential nominee after July’s weak employment report. Unemployment rate In the United States, it reached its highest level in nearly three years.
U.S. Department of Labor Employers reported on Friday were 114,000 jobs The number of people employed in July rose by 15,000 year-on-year, short of the 175,000 increase expected by economists at LSEG, and the unemployment rate rose to 4.3%, contrary to expectations that it would remain stable at 4.1%.
U.S. payrolls slow to 114,000 in July, unemployment unexpectedly rises
The unemployment rate reached its highest level since October 2021.
Trump and Harris’ 2024 presidential campaigns have run ads attacking each other over their policies on the southern US border. (Getty Images)
“Kamala Harris has proudly and repeatedly celebrated her role as Joe Biden’s co-pilot in ‘Bidenomics,'” Caroline Leavitt, the Trump campaign’s national spokesperson, said Friday. “She has run off inflation-boosting spending bills in the Senate, and she tells us these failed plans are working, despite evidence that American working families are suffering.”
Levitt added, “Basic necessities like food, gas and housing are becoming harder to come by, unemployment is rising, and Kamala doesn’t seem to care.”
Friday’s report added more evidence that the economy is weakening amid persistent inflation and high interest rates. The report rekindled fears of a recession and sent stock futures tumbling. Impending recessionDow futures fell more than 500 points.
Republican presidential candidate and former US President Donald Trump reacts during the CNN presidential debate at CNN Studios in Atlanta, June 27, 2024. (Justin Sullivan/Getty Images)
Weaker than expected data Federal Reserve Policy makers have waited too long to cut interest rates. At the end of a two-day meeting on Wednesday, they voted to keep rates unchanged at their 23-year highest level but signaled they could start easing policy as early as September.
One of those five Democrats could be Harris’ running mate.
Health care continues to lead job creation, adding 55,000 new workers in July. Other sectors that saw notable growth included construction (25,000), government (17,000), and transportation and warehousing (14,000).
But there were also notable job losses last month, with information-related jobs falling by 20,000 and the financial services sector cutting 4,000 employees.
Vice President Kamala Harris is photographed during a campaign event in Milwaukee, Wisconsin, on Tuesday, July 23, 2024.
The report also included some small revisions: The government said June payroll gains were revised down by a total of 27,000 to 179,000, while May’s gain was also revised down slightly to 216,000.
But Harris’ campaign has criticized former President Donald Trump. Latest negative work The report was released nearly one term after he left office.
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“Donald Trump’s presidency has failed the American people, ripping millions of jobs from our economy and bringing us to the brink of recession,” Harris campaign spokesman James Singer said in a statement. “Now he’s promising even greater damage with his Project 2025 agenda, which will decimate the middle class and raise taxes on working families while stripping away health insurance, raising prescription drug costs and cutting Social Security and Medicare — all while his billionaire donors get richer.”
“We’ve made great progress, but Vice President Harris recognizes there is more work to be done to ease the burden on families,” Singer added.
Fox Business’ Megan Henney contributed to this report.
