Bercent: The non-farm report underestimates the potential strength of the United States economy

On August 8, United States finance chief Besent wrote in social media: “The employment report published today underestimates the potential power of the real economy: local United States business is being built, factories are being produced and workers' productivity is increasing. July marked the fifth consecutive month of growth in employment in the commodity-producing sector. Since this year, the commodity-producing sector has created 105,000 jobs, achieving its strongest start-up performance in seven months since 2023. In addition, productivity growth in the second quarter has more than doubled its expected level, creating favourable conditions for sustained growth in the United States economy and real wage growth for United States workers. Strong economic growth expectations in the third quarter further indicate that the United States economy is expected to accelerate. When the United States produces more products and increases in worker productivity, the home-grown economy of the United States will benefit: higher wages, stronger firms and more choices for consumers, while economic expansion will be based on supply-side power that reduces inflation, rather than on short-term stimulus.”