The Trump campaign is referring to Vice President Kamala Harris as President Biden’s “co-pilot” in the “Bidenomics,” which has been linked to disappointing job figures for July that pushed the unemployment rate in the U.S. to its highest point in almost three years.
On Friday, the U.S. Department of Labor released data showing that employers added 114,000 jobs in July, falling short of the 175,000 forecast provided by LSEG economists. The unemployment rate also unexpectedly rose to 4.3%, contrary to expectations that it would remain steady at 4.1%.
US JOB GROWTH SLOWS TO 114K IN JULY WHILE UNEMPLOYMENT UNEXPECTEDLY JUMPS
This marks the highest unemployment rate recorded since October 2021.
Both the Trump and Harris 2024 campaigns have released ads criticizing each other’s policies on the U.S. southern border. (Getty Images)
“Kamala Harris has enthusiastically touted her role as Joe Biden’s co-pilot on ‘Bidenomics,’” said Trump campaign national press secretary Karoline Leavitt on Friday. “She cast tie-breaking votes in the Senate for spending that has exacerbated inflation, and despite clear evidence that American families are struggling, she claims these failed policies are effective.”
Leavitt continued: “The essentials like food, gas, and housing are becoming less affordable, unemployment is rising, yet Kamala appears unconcerned.”
The report from Friday adds to the growing evidence that the economy is faltering amid persistent inflation and high interest rates. Stock futures plummeted as the report reignited concerns about a potential recession, with Dow futures dropping over 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 underwhelming data also raised concerns about whether the Federal Reserve took too long to lower interest rates. At the conclusion of their two-day meeting on Wednesday, policymakers decided to keep rates steady at a 23-year high, but indicated that they may begin to ease policy as early as September.
ONE OF THESE FIVE DEMOCRATS COULD BE HARRIS’ RUNNING MATE
The healthcare sector continued to lead job creation, adding 55,000 new positions in July. Other sectors that saw notable growth included construction (25,000), government (17,000), and transportation and warehousing (14,000).
However, there were significant job losses last month, with a decline of 20,000 jobs in the information sector and a reduction of 4,000 positions in financial activities.
Vice President Kamala Harris is seen during a campaign event in Milwaukee, Wisc., on Tuesday, July 23, 2024.
The report also included slight revisions, with job gains for June being revised down by a total of 27,000 to 179,000, while May’s gain was adjusted down to 216,000 jobs.
Meanwhile, Harris’ campaign has attributed the recent negative jobs report to former President Donald Trump, almost a full term after his presidency.
CLICK HERE TO GET THE FOX NEWS APP
“Donald Trump let down Americans during his presidency, costing us millions of jobs and pushing us to the edge of recession,” stated Harris for President spokesperson James Singer. “Now, he’s promising more destruction with a Project 2025 agenda that will devastate the middle class, raise taxes on working families, and strip away healthcare while benefiting his billionaire supporters.”
Singer concluded, “We’ve made great strides, but Vice President Harris knows there’s still much work ahead to reduce costs for families.”
Fox Business’ Megan Henney contributed to this report.
