The Biden economy added a whopping 263,000 jobs last month, crushing expectations of 200,000, and wages are growing as well, leading one economist to declare “another happy jobs day.”
The U.S.Bureau of Labor Statistics (BLS) adds that unemployment remains at a near-historic low of 3.7% in November, “and has been in a narrow range of 3.5 percent to 3.7 percent since March.”
University of Michigan School of Economics Professor Justin Wolfers exclaimed, “It’s yet ANOTHER happy jobs day. Payrolls rose +263k, well above expectations.”
“This expansion just keeps on rolling on,” added Wolfers, a senior fellow at The Brookings Institution.
Wolfers also takes on those who have been falsely pushing “recession” talking points.
“BTW, remember all that recession talk? It was nonsense. Bollocks. Cow dung,” he tweets. “There never was a recession. And the economy sure doesn’t look like it’s in one now. Job growth at this rate is the economy singing: ‘This is a robust expansion.’”
And he also slams the doom and gloom forecasters.
The flip from “Recession!” to “Overheating!” is just about the perfect example of the bad news bias in most economic commentary.
Look folks, if the economists you talk to are always gloomy, they’re only giving you half the story.https://t.co/mcD76jthvN
— Justin Wolfers (@JustinWolfers) December 2, 2022
Economist David Rothschild sums up where the Biden economy is compared to the rest of the world.
“Economy is far from perfect,” he writes, “but conditional on the worldwide pandemic and supply chain issues generated from pandemic: US economy has done *amazing* over last 2 years.”
In news alerts The New York Times reported hiring “continued to exceed expectations,” The Wall Street Journal called it “a sign of continued strength in the jobs market,” and even Fox News reported it as “stronger-than-expected.” CNN referred to the jobs report as “robust” and “defying expectations.”
“America’s jobs engine kept churning in November, the Labor Department reported Friday, a show of continued demand for workers despite the Federal Reserve’s push to curb inflation by tamping down hiring, The Times reported. “The labor market has been surprisingly resilient in the face of successive interest rate increases by the Fed over the past year. Even sectors normally sensitive to borrowing costs, like construction and manufacturing, have been slow to back off the brisk pace of growth they posted coming out of the pandemic.”
The BLS also broke down unemployment numbers by demographics.
“Among the major worker groups, the unemployment rates for adult men (3.4 percent), adult women (3.3 percent), teenagers (11.3 percent), Whites (3.2 percent), Blacks (5.7 percent), Asians (2.7 percent), and Hispanics (3.9 percent) showed little or no change over the month.”