Don't expect interest rate cuts from the Fed anytime soon as the market overrates a Goldilocks scenario
Business InsiderDec 31, 2023
Report: US Economy Added 216K Jobs in December
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The Facts
According to the US Dept. of Labor's Bureau of Labor Statistics's latest data, the American economy added 216K conform payroll jobs in Dec. 2023, with the country's unemployment rate remaining at 3.7%
The bureau continued that while employment "continued to trend up" in government (+52K), healthcare (+38K), social assistance (+21K), and construction (+17K), the US economy saw employment decreases in transportation and warehousing (–23K).
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.