An anticipated slowdown in U.S. economic growth will not harm President Donald Trump's chances of re-election in November, according to U.S Treasury Secretary Steven Mnuchin.
"But the real impact in terms of the American economy, wages are going up, more jobs are being created and more people are coming back into the workforce than ever before," Mnuchin told CNBC's Hadley Gamble.
" is a global statistic, the statistic people really care about is are they working, are they getting more jobs, are they getting more pay? And on that basis, we're getting all As." U.S. unemployment recently hit a 50-year low, continuing a consistent downward trend set in motion in 2010. Real average hourly earnings for all private nonfarm employees increased 0.6% from January 2019 to January 2020, according to the U.S. Bureau of Labor Statistics.
"The change in real average hourly earnings combined with a 0.6-percent decrease in the average workweek resulted in essentially no change in real average weekly earnings over this period," the Bureau said in a report Friday. Mnuchin told CNBC he saw the economy being a very strong factor in the president's re-election. "And as you look at the U.S. economy relative to the world economy, the U.S. is the bright spot on world growth," he said.
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