“The American economy is a lumbering giant and it doesn’t go down easily,” JohnCassidy writes. “Friday’s jobs report indicated it still has forward momentum.”
Last Friday, the Labor Department announced that the economy created another two hundred and fifty-three thousand jobs in April, a solid number that brought the total employment gains since Joe Biden became President to a whopping 12.7 million. The unemployment rate dropped to 3.4 per cent, which tied for the lowest monthly rate since 1969.
The media could certainly do a better job of highlighting the crosscurrents in the economy, including the positive ones. That said, it didn’t make up the big jump in inflation over the past couple of years, or the ongoing public concern about them. The/YouGov survey asked people to rank the importance of more than a dozen issues, including jobs, inflation, health care, national security, crime, and abortion. The one most commonly ranked as very important was “Inflation/prices.
The White House, therefore, has some grounds for hoping that between now and the election, inflation concerns will start to abate, and the voters will start to give Biden at least some credit for the positive things happening in the economy—which also include a revival in manufacturing employment, much of it. The optimistic scenario is that the economy will actually achieve the “soft landing” that metaphor-challenged economists have been talking about for the past year and a half, with G.D.P.
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