Friday’s jobs report from the Department of Labor shows that the U.S. added an impressive 353,000 jobs in January. Unemployment remained at just 3.7%. The unemployment rate has been under 4% for two straight years. That hasn’t happened since the 1960s, according to economic analyst Steven Rattner.
The Associated Press called the jobs report “surprisingly robust,” and wrote that the number of new jobs “far exceeded expectations.” That follows the report in January, which they called “surprisingly strong.” And reports from last fall that were also, well, “surprisingly strong.”
All this surprise seems to stem from economic analysts forecasting a recession in 2023. In October 2022, Bloomberg reported that a recession within the next 12 months was “effectively certain,” with the news outlet’s economic projection model putting the chance of a recession in the next 12 months at 100%. It was part of a drumbeat of downbeat reporting on the economy that battered down public sentiment despite increasingly rosy statistics.
Bloomberg needs new models. The Associated Press needs to stop acting surprised. Because even Fox News agrees that this economy is in the “Goldilocks” zone. This is as good as it gets.
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