Economists Cheer October 2022 U.S. Jobs Report
The US Bureau of Labor Statistics has released the October jobs report and economists are thrilled with the numbers.
Photo Insert: A total of 261,000 were employed last month even as unemployment ticked up a tad to 3.7%. Economists say 5% unemployment was considered “full” employment.
A total of 261,000 were employed last month even as unemployment ticked up a tad to 3.7%. Economists say 5% unemployment was considered “full” employment, David Badash and the New Civil Rights Movement (NCRM) reported for AlterNet.
“This is a very strong economy,” writes popular University of Michigan School of Economics Professor Justin Wolfers, a senior fellow at The Brookings Institution. “And whatever you read elsewhere, employment growth is motoring along,” Wolfers adds, offering another chart to prove his point.
“Indeed, job growth over the past three months (or indeed, this month) has continued at a rate that exceeds almost any point in the pre-pandemic 2000s.” He stresses that “this is a historically strong rate of growth.”
Economist David Rothschild posts a graph showing jobs growth under Democrats massively better than under Republicans. Wolfers takes a swing at all those claiming the US is in a recession.
"In normal times, this would be regarded as extremely rapid growth, and a strong labor market. For some reason, people are shouting ‘recession’ in a crowded theatre, instead.”
Wolfers points to Betsey Stevenson, a former Member of President Obama’s Council of Economic Advisers & Chief Economist at the US Dept. of Labor, calling her wise. “Strong jobs report,” Stevenson says, “lots of hiring, broad-based, and wage growth is slowing slight. The Fed just might get us that soft landing.”
Rothschild says “under Democratic government economy is stronger & crime is lower. Those are the facts, and extremely meaningful context when polls say people are voting Republican due to the economy and crime. Only makes sense if they want a weak economy and higher crime.”