(My new American Thinker post)
November started with talk of a red wave, turned into the GOP winning the House by a small majority, and closes with a bad jobs report:
Private hiring slowed sharply during November in a sign that the historically tight labor market could be losing some steam, according to a report Wednesday from payroll processing firm ADP.
Companies added just 127,000 positions for the month, a steep reduction from the 239,000 the firm reported for October and well below the Dow Jones estimate for 190,000. It also was the lowest total since January 2021.
The relatively weak total comes amid Federal Reserve efforts to loosen up a jobs picture in which there are still nearly two open positions for every available worker. The central bank has raised its benchmark borrowing rate six times this year, but the unemployment rate is still 3.7%, near the lowest since 1969.
“Turning points can be hard to capture in the labor market, but our data suggest that Federal Reserve tightening is having an impact on job creation and pay gains,” said ADP’s chief economist, Nela Richardson.
Having an impact on job creation? So does the last paragraph mean that the recession is here or knocking on the door? The markets reacted cautiously to mixed economic signals and wait for the Fed's next move.
The jobs report confirms that it will be a rough ride for the Biden administration in the near future. Jobs report, rail strike, diesel shortage, and a few others. It's time for Pres. Trump to stop having dinner with controversial characters and leave the front page to President Biden's economy.
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