Hiring Slows For Second-Straight Month As Companies Digest 'Conflicting' Economic Data, ADP Reveals In Latest Jobs Report
ForbesDec 22, 2022
The Facts
According to data released Friday by the US Dept. of Labor's Bureau of Labor Statistics, the American economy added 142K jobs in August, with the country's unemployment rate dropping to 4.2% from 4.3% in July.
August's job additions were higher than the revised 89K added in July and below the forecasters' predictions of 160K. Hiring in August was below the average monthly gain of 202K over the prior 12 months.
The Spin
Democratic narrative
Robust job growth is a strong sign that the US economy is recovering. Though wage growth is consistently outpacing price growth, the unemployment rate is falling, and inflation is moderating — as expected — Republicans will continue to mislead their voters before the November election. The US labor market remains defiant to pessimism, which shows that the economy is returning to a more sustainable pace of growth after the post-pandemic boom.
Republican narrative
These numbers paint a gloomy picture of the future. While the Biden administration is adamant that the US labor market is in good shape, this report — a piece of disinformation ahead of the November election — shows that it's indeed collapsing. Job growth isn't just slowing but deteriorating, and the economy is spiraling downwards. Americans are in debt and the stock market is jittery — in short, under Democrats, the US will likely experience a recession.
Metaculus Prediction
The Controversies
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