Jobs Report Better Than Expected: Labor Market Adds 253,000, Unemployment Ticks Down To 3.4%
ForbesDec 24, 2022
The Facts
On Friday, the US Dept. of Labor released its monthly job report for April, as the economy beat expectations by recording a 53-year low 3.4% unemployment rate, with nonfarm jobs increasing by 253K — vastly outpacing the projected 180K.
The low unemployment rate, however, was partially driven by the first decrease in labor participation since November, as 43K people exited the workforce and weren't factored in. Wages also rose at the fastest pace since July, which could be a blow to the Federal Reserve's (Fed) fight against inflation.
The Spin
Democratic narrative
The Biden economy continues to defy expectations and add jobs, culminating in the lowest unemployment rate since 1969. Fearmongers on the right have demonized the Biden admin. and predicted a recession for more than a year, and continue to be wrong. The economy has continued to improve, and Republicans have ignored all positive developments because the numbers show the Biden economy has performed much better than Trump’s.
Republican narrative
It takes a very simple look under the hood to see that the economy is heading down a path toward recession and that the unemployment rate fails to tell even a fraction of the story. While the Biden admin. touts job growth, there are still 2M fewer people working compared to pre-pandemic rates, as government handouts have driven so many out of the workforce entirely. This doesn’t even include the persistent inflation that the Fed’s 10 consecutive rate hikes haven't been able to curtail.
Metaculus Prediction
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