Tags: Trump Administration | kudlow | europe | interest | economy | jobs

Kudlow: US Jobs Report 'Pretty Solid'

White House chief economic adviser Larry Kudlow. (Evan Vucci/AP)

By    |   Friday, 02 August 2019 11:28 AM

The latest Labor Department's jobs report, while showing employment is slowing, was still "pretty solid," White House top economic adviser Larry Kudlow said Friday.

"Manufacturing has been ticking up in recent months," Kudlow told Fox Business' Stuart Varney. "I acknowledge it was in a slump for five or six months. We are now seeing it pick up, both in manufacturing itself as well as manufacturing jobs. That's good."

The civilian labor force is returning to work, and household employment numbers were up as well, said Kudlow.

"The wage number today ticked up a little bit… if you look at salaries and wages, wages and salaries, they just went through upward revisions, we are looking at, what, a 5.5% year on year gain for all wages and salaries -- hang on -- 4.1% after inflation so that's real income."

According to the Labor Department, job growth slowed in July with manufacturers slashing hours for workers. 

The report came out after President Donald Trump announced an additional 10% tariff on $300 billion worth of Chinese imports starting Sept. 1, a move that led financial markets to almost fully price in a rate cut in September.

Also on Friday, Kudlow said Europe needs to embrace a pro-growth agenda if it expects to normalize its interest rates, as "pouring more and more money is not the issue."

"You have heard President Trump speak to this," Kudlow told Varney. "He does not like the idea that Europe either wittingly or unwittingly is manipulating the currency downward. That sets up an unlevel playing field. Nobody is real happy with that, so they need structural reforms in my view."

Varney noted that in Europe, German interest rates have hit an all-time low and the 30-year bond in Japan has hit a negative yield. 

"What Europe has got to do, in my judgment and maybe we will have some of these discussions at the forthcoming G7 meeting in France, they need to make reforms," said Kudlow. "They need lower tax rates, they need lower regulation, they need to have more market-oriented energy, they need to reduce trade barriers."

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The latest Labor Department's jobs report, while showing employment is slowing, was still "pretty solid," White House top economic adviser Larry Kudlow said Friday.
kudlow, europe, interest, economy, jobs
352
2019-28-02
Friday, 02 August 2019 11:28 AM
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