The monthly jobs report released Friday morning is being heralded as “robust,” “upbeat,” and “stronger than expected,” as unemployment again dropped to a near-50-year low (3.7%) while the economy added another 199,000 jobs.
“It’s the little engine that could, and this little locomotive keeps a chugging along…” declared professor of economics and public policy scholar Justin Wolfers.
“So the last three months have seen jobs growth at a very healthy average rate of +204k per month,” he added. “For context: Average monthly job growth from Jan 2000 to Dec 2019 was +87k.”
“If I had asked you a year ago to sketch what you thought a soft landing might look like,” he said, praising America’s post-COVID pandemic economy, “it’s likely you would have pretty much drawn the current economic data.”
On Thursday, Wolfers had discussed the incongruence between what economic data consistently shows about the strength of the U.S. economy, and what Americans are telling pollsters.
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“There’s no question people are telling pollsters they’re miserable about the economy. But riddle me this,” he asked, “Why can’t we find evidence of this pessimism in anything other that public opinion polls? Every non-poll based indicator of confidence suggests folks are optimistic.”
Heather Long, The Washington Post economic columnist, offered this view in response to Friday’s jobs report.
“Step back for a minute and look at this US job market,” she wrote.
“4.7 million more jobs than pre-pandemic
Below 4% unemployment for two years
Wages growing faster than inflation
Women (ages 25 to 54) at an all-time high for labor force participation”
Even Fox News was forced to deliver positive comments while reporting on Friday’s monthly numbers.
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“Overall you’ve got to look at this report as a big positive,” admitted pro-Trump Fox Business host Maria Bartiromo. “We’ve got more jobs created than expected.”
Speaking to the former chief economist of The White House National Economic Council under President Trump, Bartiromo said, “Joe LaVorgna, you’ve been saying this, the economy is a lot stronger than anybody understands.”
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