I ran for president to rebuild the middle class – there’s more work to do, but today’s jobs report shows we are making significant progress for working families.”īut, but, but: A red-hot labor market indicates that the Fed could face a more difficult path to bring down prices. President JOE BIDEN took a victory lap in a statement this morning: “t’s the result of my economic plan to build the economy from the bottom up and middle out. The July data caps a remarkable summertime stretch of positive developments (reconciliation, chips, falling gas prices, etc.) for a Biden White House that was mired in malaise for months. Details from the APĪs always with economic data these days, the numbers are cause for both optimism and concern - and perhaps confusion above all.Ī shockingly robust jobs market is good news for American workers - and makes recession risks look much more remote at the moment.
Economist JUSTIN WOLFERS found that it’s actually the lowest unemployment in half a century. added a rip-roaring 528,000 jobs last month in the biggest leap since February.Ī couple of notable data points really laid down a marker for how far we’ve come: (1) The country has now made up the entirety of lost employment when the coronavirus pandemic hit in 2020, and (2) the new unemployment rate of 3.5% beats every month since that recession. The numbers blew past all expectations, as the U.S. WOWZA - This morning, we previewed that economists expected the July jobs report to show a slowing pace of job growth in the neighborhood of a quarter-million new hires, which the Biden administration was already pre-spinning as a “transition” to “stable and steady growth.”
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