Trump takes credit for boost in economy

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NEW YORK (CBS) The U.S. added more jobs than expected last month. President Trump is praising employers for the numbers, saying he's only just begun to improve the jobs market. The news comes as Japanese automakers announce a deal to build a giant plant in the U.S.

Japanese auto makers Toyota and Mazda announced Friday a joint venture to build a $1.6 billion auto plant in the U.S. that could create 4,000 jobs.

The news comes as the U.S. economy added 209,000 jobs in July, dropping the unemployment rate to 4.3-percent, a 16-year low.

President Trump tweeted Friday morning: 'excellent job numbers just released... and I have only just begun.'

Earlier this week, the President applauded a stronger economy as he spoke to a group of small business owners. "The jobs are coming pouring back, the factories are coming pouring back into our country," he said Tuesday.

Since taking office the U.S. has added nearly 1.1 million jobs.

Wednesday investors gained on the so-called 'Trump bump' with the Dow breaking the 22,000 mark for the first time. But some analysts say the economy has been steadily improving since the previous administration.

"I think what we have been seeing this year is a continuation of trends that started two, three years ago when we began to see steady job growth, and strong job growth, and consistent movement towards full employment," said Valerie Rawlston Wilson with the Economic Policy Institute.