US

Biden Celebrates December Unemployment Numbers, but There’s One Huge Problem

Data from the Bureau of Labor Statistics released Friday showed that unemployment fell in December as new jobs soared past economists’ projections.

As reported by the Daily Wire, the number of nonfarm jobs increased by 223,000, exceeding analysts’ expectations of 200,000. December’s unemployment rate decreased from 3.7% to 3.5%.

The average hourly earnings increased 4.6% year-over-year, which was below analysts’ estimates of 5%. While nominal wages have grown over the past two years, they have increased at a slower rate than price levels, indicating that households’ purchasing power is low.

As the Federal Reserve reverses nearly three years of aggressive monetary stimulus, including near-zero target federal funds rates and government bond purchases, policymakers have closely examined unemployment rates. Interest rates were raised by three-quarters of a percentage point on four consecutive occasions before a half-percent increase last month.

Minutes from last month’s meeting revealed that members of the Federal Open Market Committee still believe that achieving 2% inflation will take “some time.”

Meanwhile, the majority of economists believe the United States will experience a recession this year following last year’s worst stock market performance in modern history, while others are less optimistic.

Despite this looming disaster, Joe Biden celebrated the numbers, tweeting that his “economic plan has always been to grow our economy from the bottom up and the middle out.”

Although President Biden celebrated last month’s above-average unemployment numbers, it doesn’t change the grim reality that is lurking beneath the surface. Millions of Americans are still struggling to get by and economists fear a recession is headed our way this year due to last year’s historically bad stock market performance. Joe has presented us with a false victory; we must get ready for what’s coming and be prepared to face a difficult and unprecedented economy in the coming months. Get ready, because it’s going to be a bumpy ride.

Next News Network Team

View Comments

Recent Posts

Kevin Costner Breaks Silence: ‘Crushing’ Divorce and Moving Forward

"Kevin Costner Breaks Silence: 'Crushing' Divorce and Moving Forward" "Hollywood Icon Kevin Costner Opens Up…

5 months ago

Walgreens Considers Major Store Closures Amid Retail Challenges

Walgreens Boots Alliance CEO Tim Wentworth announced potential closures of a "meaningful percent" of the…

5 months ago

Dave Grohl’s Concert Pause: Foo Fighters Frontman Puts Safety First

Dave Grohl, Foo Fighters frontman, halted a concert in Birmingham to address a crowd disturbance.…

5 months ago

Panthers’ Paradise: Florida’s Stanley Cup Celebration Reaches Legendary Status

The Florida Panthers have etched their names in NHL history not just for their on-ice…

5 months ago

Chanel West Coast’s Double Life: New Reality Show Reveals Star’s Struggles

By day, I'm mom. By night, I'm an artist," Chanel West Coast says in the…

5 months ago

Media Matters Funnels Six-Figure Sum to Board Member’s Firm

Media Matters for America, a nonprofit focused on correcting "conservative misinformation," paid $105,000 in 2022…

5 months ago