The U.S. Labor Department reported that the economy created 353,000 jobs in January and that the unemployment rate came in at 3.7%, same as it was in December. It was the 36th straight month of positive job growth and the 24th consecutive month of unemployment in the 3% range. The last time that took place was during the Kennedy-Johnson administration. The Department also reported that wages were up 0.6% in January over December and that year to year were up 4.5%. The Department also noted that November and December's job numbers were increased 129,000 from the previous reports. The economic pundits were wrong again when they predicted January's job numbers to be around 170,000.
When the Labor Department announced the numbers some of the negative voices of doom and gloom had to admit and eat their words and said this is a good economy and the numbers were amazing. The negative voices never bothered to check out the economic facts all along since Biden took office. They were only concerned with dealing out mis-information to influence the voting public.
Why did so many express shock at the good January job numbers? After all in January of 2022 513,000 jobs were added to the economy and in January 2023, 510,000 jobs were added to the economy according to the Labor Department reports. President Biden's administration has accomplished in 3 years what past democratic administrations accomplished in creating a good economy, job creation and lower unemployment. They set a precedent of good government that enabled the voters to expect progress and that is what President Biden has done since day one.
The business community's ad advertising for job openings are still holding steady and have actually increased lately in an earlier report. In other words, the business community are still hiring and obviously pay no attention to the negative voices of doom and gloom. The media seems to be changing its tune on the economy also. They are responsible for enabling the negative voices for the past two years and lack understanding of the economic facts. They should be ashamed of themselves and their failure to inform.
And for the past three years, PolitiDose commentary has been there reporting on the economic facts before they unfold and thereafter. The same is true on economic facts the past 10 years and counting. So stay tuned to PolitiDose, your daily dose of political commentary.
This commentary written by Joe Lorio
