Trump adviser claims August jobs surge far outpaces Bloomberg economists' forecasts

During the State of the Economy briefing, Christopher Phelan, a senior economic adviser to President Trump, asserted that August's job growth of 162,000 far surpassed the median forecast of 55,000 jobs from Bloomberg's 77-economist panel. The unemployment rate held steady at 4.1%, defying predictions of a modest increase. After revisions to June and July data, the cumulative gain was 55,000 higher than previously reported.

Phelan linked the strong performance to rising capital expenditures, which he said are set to nearly double by 2024, and to a resurgence in U.S. manufacturing, which added 16,000 jobs. He credited policies such as the Working Families Tax Cuts and reshoring initiatives for boosting investment and reducing reliance on foreign production.