'No recession': Economists elated over 'amazing' jobs report — and blast media’s 'anti-Biden narrative'
Cable TV networks and news media outlets grabbed Friday morning’s September jobs numbers and searched for the most grim framing they could find, while actual economists cheered not just the statistics but the overall big picture, looking at both September and how Federal Reserve chairman Jerome Powell is guiding the economy.
The U.S. Bureau of Labor Statistics reports “employment increased by 263,000 in September, and the unemployment rate edged down to 3.5 percent.”
Economist Justin Wolfers, professor of economics and public policy at the Gerald R. Ford School of Public Policy at the University of Michigan, a Senior Fellow at the Brookings Institute, and a New York Times contributor explains the numbers.
“Payrolls rose a robust +263k in September, a touch above expectations,” he says on Twitter. “Unemployment down a tick to 3.5%, equal to the lowest level in fifty years. Revisions [to prior months] also positive.”
“This is an economy that’s still growing nicely. All that recession talk was empty,” Wolfers says.
“If you wanted to write the September script for what a perfect soft landing looked like, you might have drawn up these latest set of jobs numbers with employment growth continuing, but slowing to more sustainable rates, and wage growth running at rates unlikely to spark inflation,” he adds.
Compare the well-respected and well-known economist’s analysis of the monthly jobs report to CNBC’s tweet: “BREAKING: Job growth slowed in September as payrolls rose just 263,000 amid Fed rate hikes.”
Fox Business took a similar tack: “BREAKING: US job growth slows again in September with just 263,000 positions added.”
CBS News: “JUST IN: The Labor Department announced that employers added 263,000 jobs in September — the slowest month of hiring in 18 months.”
Wolfers isn’t the only economist who is excitedly praising the September jobs report.
David Rothschild, an economist at Microsoft Research who has a Ph.D. in applied economics from the Wharton School of Business at the University of Pennsylvania is equally ecstatic.
“Basically the goldilocks of job reports: robust growth shows no recession, but slowing down enough to ease inflation concern,” he tweets.
Rothschild actually blasts The New York Times’ coverage of the jobs report.
“Not wanting to disrupt their anti-Biden narrative, @nytimes somehow makes great job report seem ominous. You can almost taste their disappointment at the healthy jobs report.”
\u201cNot wanting to disrupt their anti-Biden narrative, @nytimes somehow makes great job report seem ominous. You can almost taste their disappointment at the healthy jobs report.\u201d— David Rothschild \ud83c\udf3b (@David Rothschild \ud83c\udf3b) 1665147819
“US now gained 10 million jobs under @JoeBiden, in a solid, sustainable way. Wages continue to grow a higher level in decades, but again in a solid and sustainable way,” he continues.
Rothschild also takes NBC News’ Meet the Press to task.
“Mainstream Media’s determination to stick to their anti-Biden economy sucks narrative, despite objectively *amazing* jobs report showing robust & sustainable job & wage growth which also alleviates inflation fears, is remarkable & terrifying,” he tweets in response to Meet the Press’ tweet. He cc’s Chuck Todd.
\u201cMainstream Media's determination to stick to their anti-Biden economy sucks narrative, despite objectively *amazing* jobs report showing robust & sustainable job & wage growth which also alleviates inflation fears, is remarkable & terrifying https://t.co/UBNS97lBpX cc/ @chucktodd\u201d— David Rothschild \ud83c\udf3b (@David Rothschild \ud83c\udf3b) 1665147819
Rothchild sums up his remarks with a simple chart.
\u201cLet's keep it simple: Blue lines good, Red lines bad.\u201d— David Rothschild \ud83c\udf3b (@David Rothschild \ud83c\udf3b) 1665147819
- Trump ran up the federal deficit more than either Obama or Bush ... ›
- Economist Robert Reich delivers 8 'sobering realities' about ... ›
- Nobel economist to Biden: Ditch Fed chair Powell if you want to ... ›
- 'This is a very strong economy': Experts cheer October jobs report - Alternet.org ›