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Saturday, October 7th, 2023

Experts shocked as ‘blockbuster’ new jobs report nearly double predictions

Author:     David Badash
Source:     Alter Net / The New Civil Rights Movement
Publication Date:     October 06, 2023
 Link: Experts shocked as ‘blockbuster’ new jobs report nearly double predictions
Stephan:  

President Biden is not getting the credit he is due concerning what he has done for the economy. It ought to be considerable. I think this is because at the day-to-day buying of things, it is absurdly expensive. Gas here is $5.49 a gallon. Heads of lettuce are $2.35 each.  It’s hard to consider national trends as you stand at the cash register. So this is good news, but it is also an alert to media to cover Biden differently, and an alert to Biden he should be, and be seen to be, deeply committed to lowering ordinary prices.

US President Joe Biden delivers remarks about the latest jobs report in the South Court Auditorium in the Eisenhower Executive Office Building on February 03, 2023 in Washington, DC. Credit: Chip Somodevilla / Getty

The September jobs report has left economics experts shocked at the “surprisingly strong” numbers, with many again suggesting the U.S. is having a “soft landing” from the effects of the COVID pandemic and see little chance of recession ahead.

“Employers added 336,000 jobs last month, sharply more than the 170,000 economists had predicted,” The New York Times reported Friday.

CNBC called it “a whopping 336,000 new job,” and adds the unemployment rate is unchanged, at a near-historic low of 3.8%

Economist and Harvard University John F. Kennedy School of Government professor Jason Furman explained his immediate reaction to the huge jobs numbers news.

“First reaction to jobs numbers: Shock
Second reaction: Nervousness
Further reflection: This could be quite good
336K jobs, participation remains high, wage growth moderated further. We could be in the middle of a sustainable increase […]

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1 Comment

  1. Albus on Sunday, October 8, 2023 at 8:25 am

    The sad part of this news is that it will continue to spur the Federal Reserve’s war on the working class.