Report: US Economy Added 216K Jobs in December

Improve the News Foundation -

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%1
  • 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).1
  • Unemployment for adult men sat at 3.5%, adult women at 3.3%, and teenagers at 11.9%. White, Black, Asian, and Hispanic unemployment were also found to be at 3.5%, 5.2%, 3.1%, and 5.0% respectively.1
  • US Pres. Biden praised the statistics — which were better than anticipated. 'Strong job creation continued even as inflation fell,' Biden said while also noting consumer concerns over high prices.2
  • Even though unemployment remained the same, participation within the labor market dropped by 0.3% to 62.5% — the lowest since February 2023, as the employment-population ratio also decreased by 0.3% to 60.1%. This is the lowest level since a year prior.3
  • This comes as US Treasury Secretary Jannet Yellen said on Friday that the US economy had achieved a 'soft landing' following the turbulence of the COVID pandemic and high interest rates. However, some economists at major banks are still warning of a potential US recession in the next year and a half.4

Sources: 1BLS (a), 2New York Times, 3BLS (b) and 4Forbes.

Narratives

  • Pro-establishment narrative, as provided by ft.com. 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, as provided by The Messenger. 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.

Predictions