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.
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.”
“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:
Meanwhile, Wolfers sums it up, suggesting Americans accept the good news.
And on social media, many are tagging the good news with #BidenBoom.