Posted on 12/06/2024 10:11:10 AM PST by SeekAndFind
We had a fairly solid jobs report released on Friday. According to the Bureau of Labor Statistics, the U.S. economy added 227,000 jobs in November with growth concentrated mostly in health care, leisure and hospitality, government, and social assistance, while retail trade lost jobs. The unemployment rate remained at 4.2%, with 7.1 million unemployed, up from 3.7% and 6.3 million a year ago.
Labor force participation held steady at 62.5%, and the employment-population ratio stayed at 59.8%, down slightly from last year. Long-term unemployment remained at 1.7 million, making up 23% of the unemployed. Meanwhile, 4.5 million workers were part-time for economic reasons, an increase from 4 million a year earlier.
Outside the labor force, 5.5 million people wanted a job but weren’t actively searching, including 396,000 discouraged workers. While job gains are promising, challenges such as underemployment and stagnant participation persist.
Joe Biden was quick to credit himself for the positive report.
“America’s comeback continues,” he said in a statement. “This has been a hard-fought recovery, but we are making progress for working families.”
However, it wasn’t really because of anything Biden did.
Alfredo Ortiz, CEO of the Job Creators Network, credited President-elect Donald Trump’s victory for the better-than-expected job growth and expressed optimism about the labor market under a Republican-led government.
“Republicans’ Election Day victory has renewed confidence among Main Street job creators,” Ortiz said in a statement. “The tough economic times of the Biden-Harris administration are ending, and the strong Trump economy is returning."
“However, cracks in the labor market remain due to four years of bad Democratic policies,” he continued. “Employment measured by the more accurate household survey fell again last month. The establishment survey shows around half of the new jobs created were created in the unproductive government and quasi-government sectors of the economy
(Excerpt) Read more at pjmedia.com ...
“Joe Biden was quick to credit himself for the positive report.”
He is correct. By leaving office and making sure Kamala did not win!
The only thing holding this economy together was the billions in Ukraine war spending and bracket creep through inflation. They’ve done this before.
They’ll correct it after Jan 20th
What can the Civil Service grunts do? Some have skills, most particularly those with law degrees and bar cards. A large fraction of them were overseeing the growing blob of sections added to the Code of Federal Regulations (CFR): accepting paperwork and throwing the dice to determine who won and who lost.
A very small minority can be retrained and be productive. "Learning to code" is not going to be the avenue to personal success, as there is such a glut of coders out there.
First quarter 2025 job report is going to be interesting.
Post of the day!
Sound like time to set up a pool --- the bet being "When will the dems change from 'comeback" and 'hard-fought recovery' to 'worst ecomomy in 50 years'"? Will they make their hypocrisy glaringly obvious by pivoting on Jan 21st, or wait a few months to declare that Trump is a failure?
Ukraine war money is chump change is comparison to the “stimulus” packages Bidens rammed thru over the last 4 years.
the reports come out every month not every quarter
Hopefully, right before that happens DOGE will recommend and congress will pass legislation cutting off all federal dollars to NGOs. IOW, Let them run to their backup foxholes and discover too late a claymore has been placed in each one.
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