New Jobs Report: Full-Time Jobs Disappear as Fewer Americans Find Work
2024-02-10
According to a new report from the federal government’s Bureau of Labor Statistics last Friday, the US economy added 353,000 jobs for the month of January while the unemployment rate held at 3.7%. CNN news was sure to tell us that this was a "shockingly good jobs report" and it "shows America’s economy is booming."
At this point, many of us who follow these numbers have become accustomed to the routine: the BLS reports "blowout" jobs numbers each month, and the legacy media dutifully reports that the jobs growth is astoundingly good, proving all is well in the economy.
The media rarely reports on any other economic indicators with nearly as much enthusiasm. The monthly jobs report—well, one specific statistic within it—has become something of a proxy for the state of the economy