The U.S. Labor Department reported that the economy added 236,000 jobs in March and the unemployment rate came in at 3.5%, down from 3.6% in February. It was the 26th straight month of positive job growth for the President's administration. The Department also announced that wages increased 0.3% in March over February and that the year over year growth was 4.2%. Also, February job creation was 326,000 and not the 311,000 jobs earlier reported.
The economy continues to create jobs with a stable unemployment rate not seen in 50 years and wages continue to grow. Yet, the negative voices keep up their 15 months of doom and gloom chatter of recession, the collapse of the banking system and everything else they can think of. CEO's and executives of some of the largest corporations are part of the negative chatter, have urged the Feds to raise interest rates high and fast that would cause job layoffs and higher unemployment and threaten the progress of the U.S. economy. Some of those corporations are so large they could have been a force for lowering inflation long ago and they dropped the ball for the sake of greed and higher profits.
There was a time in America before the internet and social media when good news about the economy was reported in a positive atmosphere of accomplishment and pride. now the opposite is taking place even though the negative voices have been wrong about the economy since the President took office.
The official U.S. economic arbiter on recessions for the past 50 years has been The National Bureau of Economic Research and they announced that the last time the U.S. entered an economic recession was in February of 2020, a month before COVID hit, and that recession ended the 10 year period of economic expansion. The negative voices of today were silent about that information. And that really says it all.
This commentary written by Joe Lorio
