Well... we added jobs but not as many as expected. So I guess we are happy the economy is cooling without crashing. I swear, every week we get more evidence Biden has a masterful control of the the economy... or evidence that the US economy is simply just pretty resilient and still the best place for your money in the world. The US job market continues its cooldown, adding just 187,000 positions last month | CNN Business MinneapolisCNN — The US economy gained just 187,000 jobs in July, according to new data released Friday by the Bureau of Labor Statistics. It’s another indication that the labor market is slowly cooling off, in line with the Federal Reserve’s goal. Economists were expecting a net gain of 200,000 jobs last month. June’s job growth was revised down to 185,000 jobs from 209,000.
Have said it many times over the years, treat expectations with some amount of detachment. Another way to say it is hold those expectations lightly. Plus, credt or blame to a president can be dicey. Same time, the numbers appear to suggest things have been cooling over the past six months with monthly jobs averaging by over 50% less than in the previous two years, we are also at extremely low unemployment #s. But yes, better to cool than to crash.
Labor force is expanding too. https://www.washingtonpost.com/opinions/2023/08/04/jobs-economy-workforce-boom-women/ The U.S. economy is in the midst of a wonderful — and unexpected — workforce boom. More than 3.1 million workers joined the labor force in the past year, meaning these people started looking for jobs and, largely, are getting hired. Almost no one expected this. It’s a nearly 2 percent expansion of the labor force — something that has not occurred since the tech craze of July 1999 to July 2000 and was more common in the 1970s and 1980s.
