05/10/2024
Because good friends may base their votes primarily on economics, let me be reassuring. Here I quote Elise Gould, senior economist at the Economic Policy Institute, who said in an interview (access at https://edition.cnn.com/2024/10/04/economy/us-jobs-report-september-final/index.html?utm_source=substack&utm_medium=email )
“'The labor market is strong. ... When we compare it to four years ago, during the pandemic, it’s clearly much stronger; but even when you compare it to 2019, before the pandemic began. Real wage growth is up, a lot of jobs have been added'.
"Average hourly earnings grew 0.4% for the month, bringing the annual rate up to 4% from 3.9% seen in August, according to Friday’s report.
"Through September, the US has added an average of 199,000 jobs per month, which is below the 251,083 jobs added on average last year but still outpaces pre-pandemic gains, BLS data shows. The US also remains in a period of historic employment expansion: With September’s gains, the economy has seen positive job growth for 45 months, matching the fourth-longest streak on record.
"While people, by and large, are more likely to have a job and more likely to have higher wages, that doesn’t mean there isn’t still pain in the labor market or within household finances, Gould said. But the trajectory has been one of improvement, she noted."
And you, too, please take note and vote BLUE.
“Nominal wages have been rising faster than inflation for at least 16 months in a row now,” she said. “When you compare back before that inflation spike, back to 2019, real wages are up and their purchasing power is up, so living standards are increasing.”
US job growth surged in September, blowing past expectations and providing solid reassurance for the ongoing stability of the labor market.