(DailyVantage.com) – The Harris campaign last week blamed former President Donald Trump for the abysmal July jobs report, despite Trump being out of office for more than three years.
According to data from the Bureau of Labor Statistics, only 114,000 jobs were added during the month of July, while unemployment spiked to its highest level since October 2021. The 4.3 percent unemployment rate and anemic jobs report raised fears of a possible recession, prompting the global stock markets to tumble.
In a statement last Friday, Harris campaign spokesman James Singer laid the blame for the jobs report at the feet of Donald Trump, accusing the former president of losing millions of jobs and bringing the country “to the brink of recession” the last time he was in office.
Singer claimed that Trump’s alleged Project 2025 agenda would bring more of the same by decimating the middle class and causing taxes to increase on working families.
Singer also claimed that Vice President Harris, who still has not presented a campaign policy agenda, would do more to lower costs for American families.
The US stock market continued its downward spiral over last week’s jobs report, with the Dow losing more than 1,000 points over fears that the hiring slowdown could spark a recession.
The S&P 500 fell by 3 percent on Monday, the largest single drop in the index in nearly two years.
Nasdaq also fell by 3.4 percent as investors bailed on tech companies that were instrumental in powering the US market. Meta fell by 2.5 percent while Nvidia fell by 6.4 percent. Apple, meanwhile, fell by 4.8 percent.
The drops in the US market were just the latest sell-off that swept the global markets on Monday. The Nikkei 225 in Japan got the ball rolling Monday, falling 12.4 percent, its worst showing since the 1987 Black Monday crash.
The Kospi index in South Korea plummeted by 8.8 percent on Monday while stock markets in Europe fell by more than 2 percent.
The worse-than-expected jobs report raised concerns that the Fed may have slowed the economy too much by boosting interest rates to cool inflation, prompting some to urge the Fed to reduce rates.
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