Well, the May jobs report seems to suggest that #MAGA may be on hold for the time being although as Trump patiently explained on Thursday, killing the environment should help America avoid “bigly” NFP misses like the one we got on Friday morning.
The bad print also underscores precisely what SocGen warned about earlier today. Namely that if this administration gets too bogged down in defending itself against allegations of Kremlin collusion, the policy agenda will get sidelined and the economy will be a casualty.
Here’s Mohamed El-Erian’s knee-jerk reaction:
A message from the #jobs report: Without pro-growth policies, sluggish hard economic data will eventually pull down the ebullient soft data.
— Mohamed A. El-Erian (@elerianm) June 2, 2017
Even worse for some members of Trump’s administration is this chart:
That’s the unemployment rate for African Americans and as you can see, it’s the lowest it’s been since 2000.
So that’s good for those of us who aren’t bigots, but one imagines Jeff Sessions and Steve Bannon are furious…