U.S. Economy Makes Comeback?
Here’s what happened…
The United States economy added 263,000 jobs in November while the unemployment rate stood even at 3.7 percent.
According to The Hill, the November job growth beat the expectation of economists who were predicting just a 200,000 job growth.
The current unemployment rate sits at just 0.2 percentage points above what it was before the pandemic started meaning that America is finally starting to get back into the swing of things.
The United States has now added an average of 392,000 jobs per month since the beginning of the year even though President Biden’s inflation sits at a 40 year high.
Glassdoor economist Daniel Zhao explained, “This is a labor market that still doesn’t look like one about to tip into recession. The theme for much of 2022 has been that the labor market has been substantially more resilient than expected.”
Zhao added, “But along with that, inflation has also been more stubbornly high than expected, so moving forward, the path to a soft landing runs through falling inflation while the job market is still robust enough to withstand a recession.”
The Biden Administration needs to work overtime to tackle inflation which has become one of the largest economic issues of Biden’s presidency.
