Dow Down 300 Points After Strong Jobs Report — Here’s Why The Market’s Rooting For Higher Unemployment Right Now
Forbes
The Facts
The Department of Labor released its monthly jobs snapshot Friday morning, reporting that nonfarm payrolls added 263k jobs in November — lower than October's 284k but higher than the predicted 200k— with unemployment remaining at 3.7%.
Restaurants and other industries in the leisure and hospitality sector represented a large portion of the job growth, adding 88k jobs.
The Spin
Democratic narrative
The Biden economy continues to roar as the Labor Department reported another massive increase in jobs and wages under President Biden’s leadership. After nonsense claims of a recession, detractors must face the fact that the American economy is growing and will continue to do so under Biden.
Republican narrative
The US economy doesn't actually appear to be rebounding under Biden’s leadership. Despite superficial appeal, the added job and wage growth signal that Biden’s inflation continues to be out of control, and the Congressional Budget Office estimates more economic pain for the American people in 2023.
