The Biden-Harris regime has few accomplishments but many failures, according to a majority of Americans who voted for now-President-elect Donald Trump, and one of the main issues has been the economy. Now, a new report indicates just what a mess Trump will inherit when he takes the oath of office in January. Private sector companies added 146,000 jobs in November, according to a report released Wednesday by payroll processing firm ADP. The figure fell short of economists’ expectations of 150,000 jobs and marked a significant decline from October’s revised total of 184,000 jobs.
“While overall growth for the month was healthy, industry performance was mixed,” said Nela Richardson, ADP’s chief economist. “Manufacturing was the weakest we’ve seen since spring. Financial services and leisure and hospitality were also soft.” The education and health services sector led job creation in November, adding 50,000 positions. Construction followed with 30,000 new jobs, while trade, transportation, and utilities contributed 28,000. The “other services” sector added 20,000 positions. Manufacturing was the only sector to report job losses, with a decline of 26,000 positions for the month, and that is a big issue as Trump has vowed to try and restore American industrial production.
“Large businesses — those with 500 or more employees — added 120,000 jobs in the month. Businesses with 50 to 499 employees hired 42,000 workers. Establishments with fewer than 50 employees lost 17,000 jobs,” FOX Business reported. “Wage growth in November edged higher to 4.8% on an annual basis, the first increase in 25 months, ADP said.”
An analysis of 2019 U.S. consumer prices published in October before the election revealed that the costs of imported goods decreased despite the implementation of import tariffs by then-President Trump. A 2024 report from the Coalition for a Prosperous America examines the impact of Chinese exports to the United States, finding that these exports lowered prices rather than increased them.
“Since the Section 301 tariffs were imposed, the share of imports from China has steadily declined from 21.6% in 2017 the year prior to the tariffs to 16.5%, a decline of 5.1%. No other country has lost as much share of total U.S. import penetration over the past five years,” the group’s report said.
“In terms of total import value, Mexico gained the most from the tariffs, adding $110.8 billion. Vietnam gained the second most in import value by $78.4 billion and by far gained the most of total share of U.S. imports. In 2017, Vietnam accounted for about 2% of U.S. imports at $46.5 billion,” the report continued. “In 2022, the U.S. imported $127.5 billion in goods from Vietnam, and the share of the total nearly doubled to 3.9%. Other countries in Southeast Asia such as Thailand, Cambodia, and Indonesia all saw significant increases in their value of imports by the U.S.”
The Conservative Treehouse noted of the study’s findings:
With the 2024 election rapidly coming, it is worth revisiting the actual tariff outcome to American consumers in order to dispel the popular myths about tariffs raising prices here at home. This might be the cited data you want to bookmark.
It was the Fourth Quarter of 2019…..Right before the pandemic would hit a few months later, despite two years of doomsayer predictions from Wall Street’s professional punditry, all of them said Trump’s 2017 steel and aluminum tariffs on China, Canada and the EU would create massive inflation – it just wasn’t happening!
Disclaimer: This article may contain commentary which reflects the author’s opinion.