The 'Biden Boom': economists laud robust April jobs report
The April jobs report has just been released, showing unemployment staying steady at near-50 year lows, nearly where the country was before the pandemic. 428,000 jobs were created in the month, as CNBC reports. 8.3 million jobs have been created since Joe Biden has been President.
Economists are praising the results.
University of Michigan economics professor Justin Wolfers, a New York Times contributor, says the labor market is “just motoring along,” and adds: “It’s hard to see where all that recession talk is coming from. This is a recovery with a lotta momentum.”
“Average earnings rose 10 cents/hour. Earnings are up 5.5% over the past year,” adds New York Times economics reporter Ben Casselman.
Economist and professor at Harvard University’s John F. Kennedy School of Government, Jason Furman, the former chair of President Obama’s Council of Economic Advisers (CEA), says the news is “another sign that the underlying inflation trend may be lower than I thought and coming down.”
He adds that average hourly wage growth is increasing but slowing:
428,000 jobs added in April with the unemployment rate unchanged at 3.6% while U-6 (broader labor underutilization) up and labor force participation both down.\n\nThe biggest news in the jobs report is average hourly earnings up only 0.3% (or 3.8% annual rate), slower than recent.— Jason Furman (@Jason Furman) 1651840553
Meanwhile, Wolfers sums it up, suggesting Americans accept the good news.
And on social media, many are tagging the good news with #BidenBoom.
BIDEN BOOM CONTINUES \nJob creation plowed ahead in April despite jumpy markets and surging interest rates, as the U.S. unemployment rate remained stable. Employers added 428,000 jobs to their payrolls last month. The unemployment rate 3.6%. #BidenBoompic.twitter.com/IGDcu57CtP— Dushan Skorich\ud83d\uddd3\ud83d\udcfa\ud83d\udcca (@Dushan Skorich\ud83d\uddd3\ud83d\udcfa\ud83d\udcca) 1651841928
#BidenBoomhttps://twitter.com/tify330/status/1522559097270329344\u00a0\u2026— Copper Pot Mafia \ud83e\uddb6\ud83e\ude96 (@Copper Pot Mafia \ud83e\uddb6\ud83e\ude96) 1651841671
- The states where the most people are quitting their jobs have these ... ›
- 'Rooting Against America': Fox News Blasted for Being 'Giddy' over ... ›
- The jobs market favors workers for the first time in a half-century. No ... ›