President Joe Biden, administration officials, and the White House’s allies in the mainstream media are celebrating the December jobs report, capping off a year that saw about 2.7 million new jobs. While the labor market is ostensibly slowing down from the previous year, the headline figures suggest that conditions remain solid. But everyone is betting on the public not diving deeper into the latest Bureau of Labor Statistics’ (BLS) employment figures. Not everyone would be popping open a bottle of champagne if they did.
A Primer: The December Jobs Report
The US economy added 216,000 new jobs in December, up from a downwardly revised 173,000 in November. This also exceeded market expectations of 170,000. The unemployment rate was flat at 3.7%, meaning the jobless figure has been below 4% for 23 consecutive months, a record. Average hourly earnings rose to a higher-than-expected…
