Biden's Economy?

[K Graham]

America added 678,000 jobs in February, smashing forecasts

New York (CNN Business)The US economy added 678,000 jobs in February, exceeding economists' expectations.

It was the best month for job growth since July. The nation has 2.1 million jobs to go before hitting the February 2020 level and recouping all positions lost in the pandemic, the Bureau of Labor Statistics reported Friday.

"It's mindbogglingly fast and sustained growth — well over half a million jobs added per month on average for more than a year," Heidi Shierholz, president at the Economic Policy Institute, wrote on Twitter. More than nine out of every 10 jobs lost during the pandemic recession have been regained, she added.

But once again, the consensus prediction for the report -- 400,000 jobs -- missed the mark. Erratic swings in the labor market from one month to another have made forecasters' jobs much harder during the pandemic.

The unemployment rate edged down to 3.8%, also better than expected, representing a new pandemic-era low.

The leisure and hospitality sector, which was hit hardest by Covid-related layoffs, once again added the most jobs back, at 179,000. The industry needs another 1.5 million jobs in order to reach its pre-pandemic level. Most of the positions added in February were created at restaurants and bars as Americans ventured out more to socialize once the Omicron surge subsided.

Professional services, health care and construction also recorded strong job gains.

This bodes well for the labor market recovery in 2022.

"If the coming reports match February's rate of job growth, the economy will recover to pre-pandemic job levels in just four months, marking recovery in a little more than two years since the pandemic struck," said Glassdoor senior economist Daniel Zhao.

At the same time, there are economic risks linked to Russia's conflict with Ukraine. Higher oil prices, for example, could cause hiring to slow later this year, warned Joe Brusuelas, chief economist at RSM US.

Also: The economy added 709,000 more jobs than originally reported in the final 2 months of 2021

[K Graham]

Weekly jobless claims total 214,000, better than expected for tight labor market

The U.S. labor market tightened further last week, with jobless claims coming in at the lowest level since the beginning of the year, the Labor Department said Thursday.

Initial filings for unemployment insurance totaled 214,000 for the week ended March 12, better than the Dow Jones estimate for 220,000 and a decline of 15,000 from the prior week.

The total was the lowest since Jan. 1 and marked another sign that the market and its 3.8% jobless rate was nearing full employment.

The four-week moving average, which accounts for weekly volatility in the numbers, also dropped, falling 8,750 to 223,000.

Continuing claims, which run a week behind the headline numbers, fell by 71,000 to 1.42 million, the lowest level since Feb. 21, 1970.

In other economic news, housing starts totaled 1.77 million, more than the 1.7 million estimate. Building permits totaled 1.86 million, a bit above the 1.85 million estimate.

[Res Ipsa]

Weekly jobless claims total 214,000, better than expected for tight labor market

The U.S. labor market tightened further last week, with jobless claims coming in at the lowest level since the beginning of the year, the Labor Department said Thursday.

Initial filings for unemployment insurance totaled 214,000 for the week ended March 12, better than the Dow Jones estimate for 220,000 and a decline of 15,000 from the prior week.

The total was the lowest since Jan. 1 and marked another sign that the market and its 3.8% jobless rate was nearing full employment.

The four-week moving average, which accounts for weekly volatility in the numbers, also dropped, falling 8,750 to 223,000.

Continuing claims, which run a week behind the headline numbers, fell by 71,000 to 1.42 million, the lowest level since Feb. 21, 1970.

In other economic news, housing starts totaled 1.77 million, more than the 1.7 million estimate. Building permits totaled 1.86 million, a bit above the 1.85 million estimate.

The fed bumped the prime rate, which isn't surprising. It's amazing they were able to hold it so low for so long. But we're kind of in uncharted territory.

[ajax18]

I'm not sure we have the political will to take the pain it will require to stop inflation as Reagen did in the early 80s. I'm afraid the current regime is going to continue doing the same things that got us into this situation. China has already shut down some factories due to a 3rd wave of Covid. The more they ease the pain of inflation now in an attempt to hold onto political popularity, the more painful it will be in the long run.

[K Graham]

I'm not sure we have the political will to take the pain it will require to stop inflation as Reagen did in the early 80s. I'm afraid the current regime is going to continue doing the same things that got us into this situation. China has already shut down some factories due to a 3rd wave of Covid. The more they ease the pain of inflation now in an attempt to hold onto political popularity, the more painful it will be in the long run.

Any student of history of US economics will tell you it wasn't Reagan that brought down inflation. It was the fed raising interest rates that turned the economy around. Hell even Reagan's own economic advisors admitted this. Had nothing to do with tax cuts.

The inflation rate was 13.5% in 1980 and 10.3% in 1981. It fell to 6.1% in 1982. Federal Reserve Chairman Paul Volcker steadily raised the fed funds rate to 20% in 1980. High-interest rates ended double-digit inflation, but this also triggered the recession.

[K Graham]

Over 430,000 jobs created in March, unemployment rate down to 3.6%.

Worst economy ever, huh ajax.

[Res Ipsa]

Compared to the last two recessions, the economy's recovery from the pandemic has been relatively quick. That's good news, but fighting over which President is responsible is silly.

[Gadianton]

...political will to take the pain it will require to stop inflation as Reagen did in the early 80s...

Minor correction, Ajax, Paul Volcker was chairman of the Federal Reserve, not Ronald Reagan. Ronald Reagan was the President of the United States -- I know Brietbart might tell you differently but please, look into it.

And guess what, Paul Volcker was --- a Democrat.

A Democrat tamed inflation, Ajax, not a Republican.

And in case you're wondering, no, Reagan wasn't supportive:

https://www.businessinsider.com/ronald- ... mp-2018-10

Volcker is best known for the "Volcker Shock," a rapid increase in interest rates in 1980 that helped tame the long-running inflation problem from the 1970s while also contributing to the
recession
that began in 1981.

It appeared that Reagan did not want a similar tightening cycle, which would have choked off economic growth, prior to his reelection campaign. According to Volcker, Reagan did not say a word, but Baker delivered a strong message.

"The president is ordering you not to raise interest rates before the election," Baker told Volcker.

Where did this idea about discipline come from, Ajax? And why did you think Reagan was Chairman of the Federal Reserve?

[ajax18]

Compared to the last two recessions, the economy's recovery from the pandemic has been relatively quick. That's good news, but fighting over which President is responsible is silly.

What exactly happened to the pandemic? Did people all the sudden quit dying from COVID or did we just quit talking about it?

[K Graham]

Compared to the last two recessions, the economy's recovery from the pandemic has been relatively quick. That's good news, but fighting over which President is responsible is silly.

What exactly happened to the pandemic? Did people all the sudden quit dying from COVID or did we just quit talking about it?

People who watch CNN never ask dumb questions like this because they're informed about what's actually going on in the real world. Like the fact that the virus mutated twice and is now far more benign than its former self. How could you not know this? Also the fact that, thanks to Biden's efforts, we're pushing a vaccination rate of 80%. The result is deaths have plummeted. COVID restrictions have been lifted all across the globe. Which means you no longer get to wail and moan about your "freedoms."