The U.S. Labor Department reported the economy added 467,000 jobs in January and the unemployment rate came in at 4%. It was 3.9% in December. The Department also reported that December job creation was a whopping 510,000 jobs added to the 199,000 jobs originally reported for December. Also reported that November's jobs were under reported also and that the two months combined November and December jobs totals increased by 709,000 more jobs, It was the 12th straight month of positive job growth for the Biden administration. (Feb. 2021 - Jan.2022)
So in President Biden's first year in office the economy added over 6 million jobs for a monthly average of 524,000 jobs per month. That was an American first for job creation. In Trump's last year in office the economy lost over 9 million jobs, counting those created and those lost. On another positive note wages were up 0.7% in January and for the year they were up 5.7% over 2020.
The good news on the economy continues even though the GOP and the media's noise machine predicted doom and gloom for January's numbers and continue the drum beat of misinformation, lies and negative comments. Fox News was wishing the job numbers for January would be bad so they could continue their negative rhetoric. The good news on jobs should also change the Federal Reserve's attitude toward heavy increases in the interest rates they and the noise machine would like to see take place. Higher interest rates than needed will put a scrimp in the economic recovery that is taking place.
January's good numbers should tell us that passing the President's BBB legislation is the correct thing for congress to do, especially if the Feds become too heavy handed in raising interest rates. President Biden has ended his first year in office with positive accomplishments on the economy, especially after inheriting a meltdown of the U.S. economy and massive job losses. Unemployment is down 2.3% from the 6.3% when Trump left office. The GDP grew 5.7% in 2021 and never grew over 3% in any one of Trump's four annual years and the GDP was in minus territory in Trump's last year in office.
The internet and general media will be full of stories by the GOP and the conservative media that are misleading, negative and even downright lies concerning the President's accomplishments because they have nothing left to offer the voters of America. They cannot articulate any GOP accomplishments so being negative is all they know. And sorry to say, the media will gladly carry their misinformation and negative comments that enable the GOP.
In the meantime, Politidose commentary will continue writing about the facts and how the country and its people are moving forward in a positive way for a long term lasting economy. And President Biden was there from the very beginning.
This commentary was written by Joe Lorio
Note: The Feds moved to quickly and too strong on raising interest rates in the early 80's when inflation was much, much higher than it is today. The results was 10 straight months of unemployment over 10%. It lasted from September 1982 to June 1983. And as of this writing it was the longest and highest stretch of unemployment in the past 70 plus years.
