December Jobs Report Is Another Good One – American Economy Remains Remarkably Strong

GDP Growth 5.2%, Strongest Recovery in G7, Inflation Was Zero Last Month – Congratulations Everyone!!!!!!!!!!!!!!


Simon Rosenberg

Friday, December 8th – The December Bureau of Labor Statistics monthy jobs report has dropped and it’s another good one: 

  • 199,000 new jobs, unemployment rate drops from 3.9% to 3.7%. Both numbers beat expectations. With 1.3 jobs available per unemployed persons, and the prime age worker participation rate above pre-pandemic levels, the US continues to experience one of the strongest labor markets in modern American history. 
  • Average hourly earnings were up 0.4% in October and 4.0% over the past 12 months. With inflation now at 3.2% over the past 12 monthsand zero this past month, real wage growth is firmly in positive territory. It should be noted that groceries have only risen by 2.1% over the last month, meaning that in real terms the prices of groceries have declined this year. 
  • Despite enormous challenges – COVID, insurrection, Russia’s invasion of Ukraine, global inflation, repeated OPEC price hikes, war in the Middle East – the performance of the American economy this year has been remarkable. GDP growth was 5.2% last quarter, and our recovery from COVID has been the strongest in the G7. Things were hard in recent years, but they are much better now. We are getting there. 

With this new data our monthly jobs tracker clocks in at:

  • 33.8m jobs – 16 years of Clinton, Obama
  • 14.1m jobs – 34 months of Biden
  • 1.9m jobs – 16 years of Bush, Bush and Trump

Biden’s 14.1m jobs are more than 7 times as many jobs as were created in the 16 years of the last 3 Republican Presidencies, combined. Since 1989 and the end of the Cold War, the US has seen 50 million new jobs created. 48 million of those 50 million jobs – 96% – were created under Democratic Presidents. 2 million – 4% – were created under Republicans.

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