Just as Donald Trump once "hoped" for the economy to collapse in a burst housing bubble (it worked), he is again the beneficiary of bad news. The latest jobs report is out and it's, in Trump's words, "terrible" and a "bombshell." The U.S. economy added just 38,000 jobs when expectations were for 160,000 new jobs.
Terrible jobs report just reported. Only 38,000 jobs added. Bombshell!
— Donald J. Trump (@realDonaldTrump) June 3, 2016
Bad news about current conditions will always help an insurgent candidate running against the status quo. Donald Trump is the new prototype for this -- a highly unlikely populist spitting invective at the establishment. He's also running on his perceived record of business success, and a promise that it will translate into economic success -- i.e., jobs -- for everyday Americans, not just himself, if he's elected. So a floundering economy helps his candidacy. Conventional wisdom dictates that the out-of-power party will win if the economy is bad and lose if it's good. (The current president is only the latest proof.) But Trump's knock on the economy goes against some of the evidence -- job growth recently has been steady. He'll probably need more bad news to extend his appeal beyond its current reach. The Bureau of Labor Statistics will release five more jobs reports before election day on November 8. We've got a ways to go.
Jobs reports release schedule:
July 08, 2016 08:30 AM
Aug. 05, 2016 08:30 AM
Sep. 02, 2016 08:30 AM
Oct. 07, 2016 08:30 AM
Nov. 04, 2016 08:30 AM