The U.S. Labor Department reported that the economy added 223,000 jobs in December and the unemployment rate came in at 3.5%, down from the 3.7% in November. It was the 23rd straight month of positive job growth and the negative voices are still waiting for the negative numbers they have been predicting most of last year. The pundits and so called economic experts are mystified why the economy continues to do so well. The doom and gloom did not hit as predicted in 2020 so now, they are telling us it will occur this year.
The department also reported that December wages increased 4.6% compared to the same period last year and consumer spending continues to drive the economy. After the Labor Department report the doom and gloom voices flooded the internet with negative comments about the coming recession, major lay offs, higher unemployment and a prolong economic slump in 2023. And if that sounds familiar it's because they said the same thing about 2022.
In President Biden's first 23 full months in office (Feb. 2021-Dec. 2022) a total of 10.5 million jobs was added to the economy. The numbers are the greatest by far in a 23 month period of any past administration. And in fact, it exceeds the total number of jobs created under Presidents Bush 41, Bush 43 and Trump in the 16 years they served.
It lends itself to the conclusion that the only sane party in Washington concerning the economy is the democratic party and President Joe Biden. The same can be said about defending democracy. And that really says it all.
This commentary written by Joe Lorio
Note: The last time unemployment was lower than 3.5% was in May 1969 when it came in at 3.4%.
