Saturday, February 04, 2023

Sure doesn't seem like a recession to me

Another recent media panic has been focused on an absolutely, 100%, here-it-comes(!), we're all doomed, recession. I've seen many, many headlines about our coming destruction. Taming inflation in order to avoid this inevitable recession is why the Fed keeps raising interest rates, even though things seem to be going pretty well.

And then yesterday's employment report came out and holy forking shirtballs! We added 517,000 new jobs!
Some highlights:
  • The unemployment rate was 3.4%, the lowest since May 1969 — as in, before Neil Armstrong landed on the moon.
  • After revisions, America gained 4.8 million jobs last year. That's 300,000 more than previously reported.
  • Job gains were widespread, in just about every sector. Leading the way: Leisure and hospitality added 128,000 jobs as America continued to rebound from the Covid pandemic.
  • Wages grew 4.4% over the past year in January, higher than expected. 
Sure as hell doesn't sound like a recession to me. But then, I'm not trying to keep people in a panic about the Biden Administration like many in the media. In fact, I'd say his economic policies, spending money to actually invest in America, is working pretty well.

Thanks, Biden!

No comments: