2.8M US jobs will likely be created in 2018: Larry Kudlow
National Economic Council Director Larry Kudlow on the July jobs report and the outlook for the U.S. job market.
The Department of Labor’s July jobs report may have faltered, missing analysts’ expectations, but despite that President Trump’s chief economic adviser remained adamant that the economic outlook was still positive.
According to Larry Kudlow, the U.S. economy will likely add between 2.6 and 2.8 million jobs by the end of 2018.
“The trends, you can’t focus on a monthly number,” he said during an interview with FOX Business’ Stuart Varney on Friday. “Again, I think this a strong number. But the trends are really interesting.”
After months of robust growth, the U.S. economy added 157,000 jobs in July, falling short of the expected 190,000 jobs, according to a Thomson Reuters survey of economists. It was the lowest gain since March.
Although the July came in below estimates, previous months were revised substantially higher. According to the Labor Department, the economy added 268,000 jobs in May, up from the originally reported 244,000, and in June, the number was revised to 248,000 from 213,000.
Over the past three months, the average monthly job addition was at 224,000. That number hovered around 215,000 for the past six months, he said.
“The back revisions were gigantic -- 59,000,” Kudlow said. “So, really, you have to add that in. That gives you really 215,000 for the month of July.”