(TargetLiberty.org) – Some experts are concerned over the direction of the US economy in the last several months. Although the stock market is hitting record highs, other parts of the economy are showing cracks. Inflation is at a 30-year-high, the supply chain is experiencing problems, and now the latest job numbers don’t look good.
On Friday, December 3, the US Labor Department released the latest payroll survey and it fell far below expectations. Prior to its release, the Dow Jones expected there to be 573,000 new nonfarm jobs added. However, the actual number was less than half at just 210,000. CNBC called it a “huge miss.”
CNBC is shocked by the November jobs report: “A huge miss" pic.twitter.com/bC2edazXJP
— RNC Research (@RNCResearch) December 3, 2021
One economist told CNBC that the economic outlook depends on what report a person is referencing. Nick Bunker, the economic research director at Indeed, said the Labor Department’s household survey showed more workers were returning to the workforce (594,000) and there are lower levels of part-time work. Meanwhile, the payroll survey showed job growth is slowing down significantly.
Although the payroll survey is cause for concern, the unemployment rate has continued its drop from 4.6% to 4.2%.
What does this all mean? The economy is continuing to improve from pandemic levels but in some areas, it’s showing disappointing gains. There continues to be a labor shortage across the country, which is impacting the strained supply chain. President Joe Biden’s administration will need to figure out how to tamp down concerns about job growth and to keep the country on the right track.
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