Justin Wolfers, an economics and public policy professor at the University of Michigan, suggested that the economy has signs of trouble after a new Department of Labor report released on Thursday, July 2. (CNN/Screenshot)
A prominent economist on Thursday warned that President Donald Trump's economy has raised some concerns.
Justin Wolfers, an economics and public policy professor at the University of Michigan, responded to a new report from the Department of Labor, which indicated the United States has added fewer jobs in June — just 57,000 jobs that month.
"Each month we just learn a little bit more about the economy," Wolfers said. "We've seen a few really, really good months, and it was a 'yabba dabba doo' moment. I was very excited. And what we see here is maybe we shouldn't be so excited. This is an economy that is not as hot as we might have thought a month ago. It's also not an economy that's sinking by any means — it's treading water; it's doing OK. Let's cross our fingers and try not to do anything wrong, and hopefully we'll keep it."
For instance, Wolfers noted that the latest data showed there has been a decline in leisure and hospitality hiring at a time when several U.S. cities are hosting the World Cup, which he described as a "double whammy" for the economy.
He also argued that every industry outside of healthcare showed signs of shrinking.
Report typos and corrections to corrections@rawstory.com.
For customer support contact support@rawstory.com.
