The American job market has repeatedly defied skeptics this year. Economists had expected only 250,000 new jobs this month.
There are, of course, political implications in the numbers being released Friday: Rising prices and the risk of recession are likely to weigh on voters in November’s midterm elections as President Joe Biden’s Democrats seek to maintain control of Congress.
Russia’s war in Ukraine has darkened the outlook across Europe. The conflict has made energy supplies scarce and driven prices higher. European countries are bracing for the possibility that Moscow will keep reducing — and perhaps completely cut off — flows of natural gas, used to power factories, generate electricity and keep homes warm in winter.Economies have been on a wild ride since COVID-19 hit in early 2020.
The Fed underestimated inflation’s resurgence, thinking prices were rising because of temporary supply chain bottlenecks. It has since acknowledged that the current spate of inflation is not, as it was once referred to, " transitory." Real estate companies — including lending firm loanDepot and online housing broker Redfin — have begun laying off workers.Top American Employers: LinkedIn ranks best companies of 2022
And the four-week average number of Americans signing up for unemployment benefits — a proxy for layoffs that smooths out week-to-week swings — rose last week to the highest level since November, though the numbers may have been exaggerated by seasonal factors. A slower pace of hiring and reduced levels of wage growth could also suggest that inflationary pressures are easing, but it has the White House attempting to convince the American public that less growth is a positive at a moment when Republican lawmakers are saying a recession has already started; they cite the drop in GDP over the first half of the year.
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