Biden Brings Jobs Back?
Nobody expected this.
U.S. job hirings surprisingly skyrocketed for the month of January as President Biden’s labor market was able to remain resilient even though interest rates climbed higher and higher, inflation remained high and fears of recession grew.
According to Fox, businesses in America added 517,000 jobs in January which outperformed the meager 185,000 jobs forecast which was predicted by Refinitiv economists.
Additionally, the unemployment rate dropped to just 3.4% which is the lowest rate since 1969.
ZipRecruiter economist Julia Pollak explained, “Today’s jobs report is almost too good to be true. Like $20 bills on the sidewalk and free lunches, falling inflation paired with falling unemployment is the stuff of economics fiction. It’s almost as though we’re in a world with no tradeoffs.”
Sadly for President Biden, even though a surprising number of jobs were added to the economy, stocks continued to fall which was surprising.
Nationwide’s Kathy Bostjancic explained, “The surprisingly, strong across-the-board January employment report shows that labor demand remains too hot for the economy’s own good and will embolden the Fed to raise rates more not less. The risks are now that they might need to do more.”
