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‘A Recovery With a Lotta Momentum’: Economists Praise Jobs Report – Unemployment Steady at Near-50 Year Lows

The April jobs report has just been released, showing unemployment staying steady at near-50 year lows, nearly where the country was before the pandemic. 428,000 jobs were created in the month, as CNBC reports. 8.3 million jobs have been created since Joe Biden has been President.
BREAKING: Job growth accelerated by 428,000 in April, more than expected as jobs picture stays strong https://t.co/wgwzouUNz0 pic.twitter.com/csa5XYjavh
— CNBC Now (@CNBCnow) May 6, 2022
Economists are praising the results.
University of Michigan economics professor Justin Wolfers, a New York Times contributor, says the labor market is “just motoring along,” and adds: “It’s hard to see where all that recession talk is coming from. This is a recovery with a lotta momentum.”
We’ve added +523k jobs per month on average, over the past 3 months. In normal times, we’d call that a boom. (It’s not entirely normal; the economy is still re-normalizing.)
It’s hard to see where all that recession talk is coming from. This is a recovery with a lotta momentum.
— Justin Wolfers (@JustinWolfers) May 6, 2022
“Average earnings rose 10 cents/hour. Earnings are up 5.5% over the past year,” adds New York Times economics reporter Ben Casselman.
Economist and professor at Harvard University’s John F. Kennedy School of Government, Jason Furman, the former chair of President Obama’s Council of Economic Advisers (CEA), says the news is “another sign that the underlying inflation trend may be lower than I thought and coming down.”
He adds that average hourly wage growth is increasing but slowing:
428,000 jobs added in April with the unemployment rate unchanged at 3.6% while U-6 (broader labor underutilization) up and labor force participation both down.
The biggest news in the jobs report is average hourly earnings up only 0.3% (or 3.8% annual rate), slower than recent.
— Jason Furman (@jasonfurman) May 6, 2022
Meanwhile, Wolfers sums it up, suggesting Americans accept the good news.
Look, I know that folks are somehow averse to good news on the economy, but we’ve learned:
– Unemployment is low and most folks who want a job can find one
– Employment continues to grow at astounding rates
– Signs of persistent inflationary pressure are weaker than feared— Justin Wolfers (@JustinWolfers) May 6, 2022
Honestly, if you’re not feeling happier after this jobs report, you’re a professional grump.
— Justin Wolfers (@JustinWolfers) May 6, 2022
And on social media, many are tagging the good news with #BidenBoom.
Wages up 5.5%! Over 428,000 jobs! #BidenBoom
— Bren Holiday (@SunnyBlondie) May 6, 2022
Exactly! The media will spin it in Doom instead of a Boom! #BidenBoom
— Sam E Davis Jr (@gucciman5000) May 6, 2022
More good news that will make the D.C. Republicans very angry. The economy added 428,000 jobs in April. President Biden has created approximately 8.3 million jobs since he took office. #BidenBoom
— Dennis P. Crawford (@DennisPCrawford) May 6, 2022
BIDEN BOOM CONTINUES
Job creation plowed ahead in April despite jumpy markets and surging interest rates, as the U.S. unemployment rate remained stable. Employers added 428,000 jobs to their payrolls last month. The unemployment rate 3.6%. #BidenBoom pic.twitter.com/IGDcu57CtP— Dushan Skorich🗓📺📊 (@dukeduluth) May 6, 2022
#BidenBoom https://t.co/TDcDBPCvUQ
— Copper Pot Mafia 🦶🪖 (@tomtom4891) May 6, 2022
12 straight months of +400k jobs! #BidenBoom
— Josh Sack (@Sack_Joshua) May 6, 2022
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