The U.S. Labor Department reported the U.S. economy added 261,000 jobs in October and the unemployment rate came in at 3.7%, two tenths of one percent higher than September when it was 3.5%. It was the 21st straight month of positive job growth for the economy and October's job numbers exceeded the negative voices of doom and gloom who were predicting much slower growth. The department also reported the September job numbers exceeded those earlier reported.
The good job numbers came a day after the Fed raised interest rates again to try and bring down inflation. But the economy is not listening and is still going strong. In fact, wages were up 0.4% in October over September's gains. If the Feds continue their unnecessary actions, they will crash the economy, kill jobs and increase unemployment to unacceptable levels. The negative voices do not care because they are the extreme who represent the big corporations whose profits are skyrocketing because they are inflating their prices to consumers. The oil and gas industry is a good example and so are the food industry.
President Biden and his administration are the only sane voices for the economy with the democratic controlled congress. Their progressive positive policies have been able to survive the negative noise machine, their lies, misinformation and America is working and spending despite inflation. It is the bright side the doom and gloom people are unable to accept.
History and precedent tells us the democratic party has a record of governing the best. The negative voices actually know that, they just have nothing left that is positive in their ideology to articulate. And that really says it all.
This commentary written by Joe Lorio
