The U.S. Labor Department reported the economy added 263,000 jobs in November and the unemployment rate came in at 3.7%, same as in October. It was the 22nd straight month of positive job growth and continues to shock the negative voices who for the past year were predicting doom and gloom, recession and spectacular job losses. Bloomington and many Wall Street elites were projecting the job numbers to come in around 190,000.
The Department also reported October inflation came in at 6%, down from year over year rise of last September. Wages were up 5.1% in November from the same time last year. Meanwhile, the Commerce Department reported the 3rd quarter GDP was up 2.9% instead of the earlier reported 2.6%. It was another good economic report that still confuses the uninformed and the negative voices who want to see the Biden administration fail. Consumer spending in October rose 0.8% over September and continues to be strong.
The year 2022 will be a year of continued economic growth led by consumer spending and the President's economic policies that have worked for the country and its people. Too bad the media has given so much time to the negative voices and failed its responsibility to fully inform the American people of the good economic news that continues to take place.
This commentary written by Joe Lorio
