The Bureau of Labor Statistics released the July jobs numbers Friday morning as scheduled.
Analysts overall expected the report to find about 258,000 new jobs created, but it was more than double that, with 528,000 new jobs. Unemployment dropped slightly to 3.5%, which is far below the 5% mark economists used to use as a marker of “full employment.”
Economists cheered the results, with even those often more pessimistic finding the jobs report excellent news. Overall, many made clear there is no recession, and predicted inflation will come under control as the Federal Reserve raises interest rates, and as the price of gas has dropped tremendously, with some stations now selling at under $3.00 a gallon.
Meanwhile, Fox News decided to use the White House’s prediction that the jobs numbers would not be great against them.
The Daily Beast’s media reporter Justin Baragona posted a screenshot of Fox News’s chyron that blasts the White House for not getting the estimate right. A casual observer, say, in an airport, would likely assume the jobs report was bad and blame the Biden administration.
This is from Fox Business yesterday: Former Trump economic advisers Larry Kudlow and Kevin Hassett dismissed Wall Street expectations of a 250K jobs report for July, insisting in this recession it would be “closer to 100 … way on the downside.”
Jut after 8:30 AM ET when the report was released “Fox & Friends” host Brian Kilmeade immediately mocked President Joe Biden as they shared the numbers.
Begrudgingly admitting “it’s a really good number,” he pivoted to “participation” in the workforce. he called it “amazing that we have not gotten back up to the same level of participation” since before COVID.
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