{"id":1834077,"date":"2023-02-03T11:34:37","date_gmt":"2023-02-03T16:34:37","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1834077"},"modified":"2023-02-03T11:35:01","modified_gmt":"2023-02-03T16:35:01","slug":"unemployment-falls-biden-takes-credit-despite-lingering-economic-concerns","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/unemployment-falls-biden-takes-credit-despite-lingering-economic-concerns\/","title":{"rendered":"Unemployment Falls, Biden Takes Credit Despite Lingering Economic Concerns"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Funemployment-falls-biden-takes-credit-despite-lingering-economic-concerns%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1834077&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p><a href=\"http:\/\/dailywire.com\/topic\/unemployment\" target=\"_blank\" rel=\"noopener\">Unemployment<\/a> As the number of people who are new to the market fell in January, <a href=\"http:\/\/dailywire.com\/topic\/jobs\" target=\"_blank\" rel=\"noopener\">Jobs<\/a> drastically exceeded analysts\u2019 forecasts, according to <a href=\"https:\/\/www.bls.gov\/news.release\/empsit.nr0.htm\" target=\"_blank\" rel=\"noopener\">Data<\/a> The Bureau of Labor Statistics published Friday.<\/p>\n<p>Total nonfarm employment increased by 517,000, far surpassing analysts\u2019 expectations of 187,000 new positions. The unemployment rate fell from 3.5% in December, to 3.4% in January. This is below the estimates of 3.6%. It marks the lowest level of joblessness since 1969.<\/p>\n<p>\u201cThe stronger than expected employment report stands in direct conflict with fears of an imminent recession, which has been weighing on the minds of economists and business leaders alike,\u201d Greg McBride, Senior Economic Analyst at Bankrate, stated in comments to The Daily Wire. \u201cThe strength of the January employment report will raise eyebrows among Federal Reserve officials who\u2019ve pledged to keep interest rates higher for longer.\u201d<\/p>\n<p>The central bank provided the unemployment data. <a href=\"https:\/\/www.dailywire.com\/news\/federal-reserve-raises-target-interest-rates-by-quarter-point-marking-slowdown-of-aggressive-hikes\" target=\"_blank\" rel=\"noopener\">Announced<\/a> The target federal funds rate was increased by 0.25%, which is a decrease from the previous rate increases of 0.75% or 0.5% to combat inflation. Federal Open Market Committee members said in a <a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20230201a.htm\" target=\"_blank\" rel=\"noopener\">Statement<\/a> That \u201congoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive.\u201d<\/p>\n<p>The average hourly wage rose 4.4% in January, slightly more than analysts expected and less than the 4.6% pace recorded in December. The price levels have risen faster than nominal wages in the last two years, suggesting a decline in household purchasing power.<\/p>\n<p>The leisure and hospitality sector added 128,000 jobs, while the professional and business service sector added 82,000 and government agencies added 74,000.<\/p>\n<p>While unemployment is continuing to fall, labor force participation has not recovered in the wake the lockdown-induced recession. The metric, which tracks how many people are currently working or looking for work, was unchanged at 62.4% in Jan. Jerome Powell, Federal Reserve Chair has <a href=\"https:\/\/www.dailywire.com\/news\/federal-reserve-chair-jerome-powell-discusses-future-slowdown-of-rate-hikes\" target=\"_blank\" rel=\"noopener\">Remarks<\/a> That the workforce \u201cparticipation gap\u201d It is mostly due to \u201cexcess retirements\u201d That was beyond all reasonable expectations. \u201cwhat would have been expected from population aging alone.\u201d<\/p>\n<p>Many products and services continue to be expensive. While food and shelter prices have increased 10.4% &#038; 7.5%, respectively, headline inflation has decreased due to a recent decline in some energy prices, according the <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\" target=\"_blank\" rel=\"noopener\">Data<\/a> Source: Bureau of Labor Statistics<\/p>\n<p>Biden administration officials still claim credit for the employment gains, despite the lingering inflationary pressures as well as supply chain bottlenecks that have emerged from the tight labor markets. Karine Jean-Pierre, White House Press Secretary, recently reported <a href=\"https:\/\/www.dailywire.com\/news\/karine-jean-pierre-gives-non-answers-on-massive-tech-layoffs\" target=\"_blank\" rel=\"noopener\">deflected questions<\/a> Journalists asked about layoffs in technology and they noted that dismissals \u201cremain near record lows according to job openings data.\u201d<\/p>\n<p>President Joe Biden <a href=\"https:\/\/twitter.com\/POTUS\/status\/1621519276380393474\" target=\"_blank\" rel=\"noopener\">Responded<\/a> To the newly released unemployment data on social networks by declaring that \u201cjobs are going up, inflation is going down, and my economic plan is working.\u201d<\/p>\n<p>Jason Smith, Chairman of House Ways and Means Committee (Republican from Missouri), stated in a statement to The Daily Wire that &#8220;the state of the economy doesn&#8217;t reflect the reality.&#8221; \u201cfalse advertising\u201d From the administration. \u201cAny job growth is good news, but labor force participation is still disappointingly below pre-pandemic levels,\u201d He made a comment. \u201cDemocrats\u2019 war on work made sitting at home and collecting a check more profitable than getting a job. Better policies are needed for stronger job and wage growth.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unemployment fell in January as the number of new jobs drastically exceeded analysts\u2019 forecasts, according to data from the Bureau of Labor Statistics released Friday. Total nonfarm employment increased by 517,000, far surpassing analysts\u2019 expectations of 187,000 new positions. The unemployment rate declined from 3.5% in December to 3.4% in January, falling below estimates of &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1831784,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[3620,5241,6178,4202,3836,5429,4259,4846],"class_list":["post-1834077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-biden","tag-concerns","tag-credit","tag-economic","tag-falls","tag-lingering","tag-takes","tag-unemployment"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1834077","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1834077"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1834077\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1831784"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1834077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1834077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1834077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}