News
‘Jobs Report Couldn’t Be Much Better’: Economists Say US ‘On or Near the Flight Path’ for ‘Soft Landing’

The August jobs report shows the U.S. economy added 187,000 jobs, with the unemployment rate ticking up slightly to 3.8%, still near historic lows, as economists say the increase is due to more people entering the job market.
“The August jobs report couldn’t be much better,” declared Mark Zandi, chief economist at Moody’s Analytics. “Job growth is solid but slowing. Unemployment rose, but for that right reason – more labor supply as participation jumped. Wage growth continues to moderate and hours worked rose.”
“The rise in the unemployment rate might cause concern in some quarter, but I’m less worried,” says professor of economics and Brookings senior fellow Justin Wolfers. “Looking beyond the month-to-month sawtooth, the underlying pace of jobs growth is +150k per month, which is more than enough to keep unemployment stable or falling.”
READ MORE: ‘Mark Meadows Has a Potential Perjury Problem’: Former Special Counsel
Zandi says the report “has soft landing written all over it,” referring to how the United States has recovered from the COVID pandemic’s effect on the economy, after nearly two years of many, especially Republicans, claiming the U.S. was in or would go in to recession.
Wolfers appears to agree: “Look up your charts of what a soft landing looks like, and we’re either on or near the flight path.”
On Thursday Insider reported, “The US is nearing a dream no-recession scenario, according to Morgan Stanley’s top economist.
Falling inflation and steady growth show the Federal Reserve is closing in on a soft landing, Seth Carpenter said.”
This month’s jobs report has many different factors affecting the bottom line, including some revisions to prior months, and the closing of the trucking company Yellow, and the Hollywood strike affecting total numbers, as Wolfers noted.
Summing it up, he writes: “So there you have it: The labor market is either just right, a little too cool, or a little too hot.”
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.
![]() |