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The U.S. Bureau of Labor Statistics has just released the October jobs report and economists are thrilled once again with the numbers. Employment increased by 261,000 in October, and unemployment ticked up slightly to 3.7% – which remains an astonishingly great number. Economists used to say 5% unemployment was considered “full” employment.
Some context for reading the latest employment report: The unemployment remains near its fifty year low. pic.twitter.com/4k6jPDRc6V
— Justin Wolfers (@JustinWolfers) November 4, 2022
“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.”
“This is an historically strong rate of growth.”
And whatever you read elsewhere, employment growth is motoring along. 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. This is an historically strong rate of growth. pic.twitter.com/FHjVT7ZhEB
— Justin Wolfers (@JustinWolfers) November 4, 2022
Economist David Rothschild posts a graph showing jobs growth under Democrats massively better than under Republicans.
Blue lines good.
Red lines bad. pic.twitter.com/UJk9LvWeyq— David Rothschild ? (@DavMicRot) November 4, 2022
Wolfers takes a swing at all those claiming the U.S. 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 U.S. 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.”
“Under Democratic government economy is stronger & crime is lower,” Rothschild writes, “those are the facts, and extremely meaningful context when polls say people are voting Republican due to economy & crime. Only makes sense if they want a weak economy & higher crime.”
RELATED: ‘Ain’t No Recession’: Economists Praise ‘Huge’ Employment Numbers – ‘We’re Back, Baby’
Rothschild also points to David Rothkopf, the well-known foreign policy, national security, and political affairs analyst and commentator, CEO of The Rothkopf Group, and author of 10 books including “American Resistance”
“It’s not just that @POTUS & @TheDemocrats have a stronger case to make than the GOP on the economy,” he tweets ahead of the BLS report, and linking to a Daily Beast article titled, “Republicans Are Bad for the Economy. Here’s Why.” “It is that the GOP record is abysmal and has been for decades. The facts tell a far different story than you’ve been hearing from many during the campaign.”
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