Don't expect interest rate cuts from the Fed anytime soon as the market overrates a Goldilocks scenario
Business InsiderDEC 2023
Report: US Economy Added 216K Jobs in December
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The Spin
Pro-establishment narrative
The US' strong labor data is the cherry on top of a strong week for the American economy. While downward revisions for October and November must be acknowledged and conceded, expectations and forecasts have been exceeded across the board. The labor market remains defiant to pessimism, and will likely be a frequently used signpost of US economic strength as the 2024 election year ramps up.
Establishment-critical narrative
While the federal government is adamant that the US labor market is in good shape, the reality remains that there is a 3M gap between open jobs and available workers to fill them. America is silently experiencing economic turmoil by increasing labor challenges within a tight market. With net international migration at its lowest in decades, there's no current solution to a growing labor shortage — a problem facing a post-industrial, service-sector American economy that gets far too little attention.