G. McConway
September 3, 2022

Unemployment Ticks Up to 3.7 Percent

The jobs report continues to bring mixed results for Joe Biden.

Jobs continue to be added as more companies are coming back from the pandemic.

However, unemployment has yet to reach pre-pandemic levels.

In fact, it is starting to rise again, a concerning sign.

Now What They Had Hoped

The job market was not quite as robust as July, but that is to be expected.

July is typically when summer jobs are added, which slowly dissipate toward the end of August and September.

To that point, August “only” added 315,000 jobs, compared to 526,000 in July.

Job growth is still good, but the problem is that unemployment is going back up again.

It rose 0.2 percent, to 3.7 percent, still well above the pre-pandemic levels when Trump was in office.

The market initially surged, but slowly started to crawl back as the day went on before the long holiday weekend.

The Fed is also expected to hike interest rates by 75 points again in an effort to slow down the economy.

We will start to feel the effects of Biden’s out-of-control spending very soon, so keep that money tight to the vest for now.

A recession still looms, with the majority of economists now believing it will hit us something in the next six to nine months.

Source: New York Post

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