Final jobs report before election will likely offer a blurred view of labor market
Associated PressOct 23
US Jobs Surge in November as Strike Effects Fade
Above: People look at handbags inside Saks Fifth Avenue on Black Friday in New York City on Nov. 29, 2024. Image copyright: Adam Gray/Contributor/AFP via Getty Images
The Facts
According to the latest US Bureau of Labor Statistics (BLS) report, the US economy added 227K nonfarm payroll jobs in November, rebounding significantly from October's revised gain of 36K jobs, as the effects of strikes and hurricanes subsided.
The healthcare sector and private education added a combined 79K jobs, 54K of which came from healthcare, while leisure and hospitality added 53K and retail trade lost 28K.
The Spin
Democratic narrative
This report is the final nail in the coffin of the idea that Trump's economy was better than Biden's. Besides the fact that last month's dreadful report was due to unforeseen hurricanes and labor strikes, several million more jobs have been created under Biden than Trump. As Biden's presidency nears its end, Americans should remember him for this historically positive achievement.
Republican narrative
This report should be celebrated by everyone who's been waiting four long years for good news. However, this success reflects as much on Trump's election victory as on current policies. Renewed confidence among businesses post-election has been key, but cracks persist: retail jobs are declining, and the household survey, which is more accurate than the BLS's calculation, paints a grimmer employment picture than the government would like to admit.