According to BLS data used to calculate the unemployment rate: the number of unemployed is indeed down by 239,000. The ranks of the employed rose by only 3,000. The civilian labor force fell by 236,000 even though the total population grew.
So, sure, the unemployment rate is down, but it’s because 236,000 people gave up and quit looking for work—which means they no longer get counted as unemployed when calculating the rate. The LPR pushes the unemployment rate down. During the 2016 campaign we heard a lot about how the real unemployment numbers are different than the reported rate. Trump mentioned it regularly. We hear little about that now, but this is what they were talking about.
I don't think the President has much to do with the unemployment rate either way, so I don't give Trump credit for the declining rate, but I don't give Obama credit either, or Bush, or Clinton, etc. Companies hire when they need to, not because of who sits in the oval office. Business is business.
