The jobs boom that just won’t quit
[ Editor’s Note: A bright note here for the home front that the employment bump is continuing and sorely needed, with the Ukraine war economic tidal wave heading out around the world, including here.
When it hits, guess who will be blamed for it, no one here for sure, especially with the country in peak election fervor, and more expected indictments on the Trump mob.
The curveball in the news below is what it does not cover, like the huge drop in sales and related jobs in areas like auto and other equipment manufacturing, due to the backlog in parts requests.
As inflation rolls forward, prices will continue to go up, with higher interest on charged purchases taking an additional bite. I see uncharted waters ahead.
Let’s not forget that Covid has gone semi-bye-bye, for what may be a fall surge with a new variant. Despite the US hostility to China, let’s hope the Shanghai lockdown simmers down, so its parts exporting through the clogged port can begin getting back to normal.
With the elections, there will be lumps of coal in some stockings come Santa time in December. Fortunately, he never reveals who he votes for, and how many times… Jim W. Dean ]
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First published May 6,2022
The U.S. labor market has been hot, with rising wages, low unemployment and a record number of job openings. There are almost two jobs available for everyone seeking work, and the average monthly gains of more than 400,000 during the last year exceed anything seen since 1939.
On Friday, we got a glimpse at whether that extraordinary run is holding up even as clouds loom over other parts of the economy and the Federal Reserve is planning aggressive interest rate hikes to curb inflation. The answer is yes.
The Labor Department’s employment report for April showed a gain of 428,000 jobs and unemployment remaining at a low 3.6 percent, demonstrating that the market remains remarkably strong and tilted toward job seekers. The jobless rate is close to where it was before the pandemic.
Still, the workforce remains smaller than before the pandemic ravaged the economy, shrinking again in April with 363,000 people leaving the market. And job growth numbers for February and March were revised down by a combined 39,000.
…“Today, we learned that the economy created 428,000 jobs in April – bringing the total number of jobs created since I took office to 8.3 million: record-setting job creation in my first 15 months in office.”…“Our plans and policies have produced the strongest job creation economy in modern times.”
Jim W. Dean is VT Editor Emeritus. He was an active editor on VT from 2010-2022. He was involved in operations, development, and writing, plus an active schedule of TV and radio interviews. He now writes and posts periodically for VT.
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