News
‘Objectively Amazing’: Economists Cheer ‘Extraordinarily Robust’ and ‘Close to Unprecedented’ Jobs Report
Economists are once again cheering the just-released jobs report, calling the results “objectively amazing,” saying the Federal Reserve has nothing to worry about on the jobs front, and slamming “doom and gloom” naysayers who have been talking about recession for well over a year.
The unemployment rate ticked up just a bit to 3.7%, slightly above an expected 3.5%, but, as NBC News reports, “still near the lowest since 1969.”
Average hourly earnings increased to rate a of 4.3% on the year.
“Holy moly, jobs growth comes in hot again,” cheered University of Michigan professor of economics Justin Wolfers, who is also a senior fellow at the Brookings Institution. “Don’t believe the doom-and-gloom talk. This economy is motoring along.”
“It’s hard to emphasize just how much the current rate of job growth is best described as ‘EXTRAORDINARILY ROBUST’,” Wolfers exclaimed. “Job growth at this rate, this far into a recovery, with unemployment this low, is pretty close to unprecedented.”
Political strategist Simon Rosenberg served up a chart comparing the job growth efforts of presidents from George H. W. Bush to Joe Biden. He says, the data are “very clear about this.” The “GOP has been an economic wrecking ball.”
Rosenberg also says 96% of jobs created since 1989 have been under Democratic presidents.
That GOP has advantage over Ds on the economy right now is very red wavy. Since 1989
Dems = growth, lower deficits, US progress
Rs = recession, higher deficits, US declineData is very clear about this. GOP has been an economic wrecking ball. 4/ pic.twitter.com/Q7187KJlwv
— Simon Rosenberg (@SimonWDC) June 2, 2023
Meanwhile, Professor Wolfers slammed those who keep talking about a recession, which the U.S. is not in.
“My advice: Take the names of those who told you that we’re in a recession. In the future, weight their views accordingly.”
Pointing to a Washington Post tweet with a headline that reads, “Labor Market is showing no signs of a recession for now,” Democratic strategist Greg Pinelo wrote: “Economists keep being surprised by strong jobs reports. Maybe you’re doing it wrong. The Republican dream of a recession is being dashed on the rocks of Biden’s successes.”
Indeed, that Washington Post report claims, “Many economists are predicting a recession later this year, especially if the Federal Reserve keeps hiking interest rates to curb inflation.”
Some say talk of recession, which Americans have been hearing since 2019, could be a self-fulling prophesy.
Nearly one year ago Democratic U.S. Senator Mark Warner of Virginia, the Chair of the Senate Intelligence Committee, said: “I wish some of my colleagues would be more about promoting growth policies rather than simply criticizing the administration…I don’t hear them criticizing [Trump’s] economic policies…If you have people banging the drum ‘recession, recession, recession,’ it becomes in many ways a self-fulfilling prophecy, and maybe that’s good for short-term politics for some in this country, but it’s not good for the economic well being of Virginians and Americans.”
One year ago in June, economist David Rothschild wrote, “Get that Republican & Mainstream Media elites think this is all a game: get people to think economy sucks and we can elect more Republicans to give tax & regulation cuts to rich, slash necessary social safety net for working families! Cool! But, recession can be self-fulfilling.”
Journalist Ahmed Baba back in January documented what he sees as the self-fulfilling prophesy of a recession cycle:
These preemptive layoffs anticipating a recession might actually help create it
Recession fears spark layoffs
Layoffs = more fear/less $ flow
Fear/less $ flow = consumer spending ⬇️
Spending ⬇️ = contracting GDP
Contracting GDP = recession
A self-fulfilling prophesy
— Ahmed Baba (@AhmedBaba_) January 24, 2023
Rothschild Friday morning praised the economy: “If economists were told in 2019 that world would be hit by devastating pandemic then Russia would invade Ukraine, their wildest optimistic forecasts would not have come close to how well economy (jobs, wages, market, despite inflation) has done over last 2.5 years.”
And calling the economy “objectively amazing,” Rothschild, like Rosenberg, also offered up a chart comparing the job growth efforts of presidents from George H. W. Bush to Joe Biden.
Biden is winning:
Economy is objectively amazing pic.twitter.com/mRx5ylpKKx
— David Rothschild 🌻 (@DavMicRot) June 2, 2023
Enjoy this piece?
… then let us make a small request. The New Civil Rights Movement depends on readers like you to meet our ongoing expenses and continue producing quality progressive journalism. Three Silicon Valley giants consume 70 percent of all online advertising dollars, so we need your help to continue doing what we do.
NCRM is independent. You won’t find mainstream media bias here. From unflinching coverage of religious extremism, to spotlighting efforts to roll back our rights, NCRM continues to speak truth to power. America needs independent voices like NCRM to be sure no one is forgotten.
Every reader contribution, whatever the amount, makes a tremendous difference. Help ensure NCRM remains independent long into the future. Support progressive journalism with a one-time contribution to NCRM, or click here to become a subscriber. Thank you. Click here to donate by check.