No offense to the Republicans, who are shouting it from the rooftops, Joe Biden’s economy is not in recession, if we are to believe the employment figures stronger than expected released on Friday. This economy added 372,000 jobs in June, while the unemployment rate remained stable at 3.6%.
Other good news: the average hourly wage of workers increased by 5.1% during the first six months of the year. The problem is that these same figures do nothing to solve the problem of inflation that plagues the presidency of Biden and reduces the chances of his party to maintain a majority in both houses of Congress after the midterm elections.
Still: Biden welcomed the jobs numbers, as he should. He could also have boasted about the relative drop in gasoline prices at the pump in June, even if he had nothing to do with it…
PS: That said, the June jobs numbers didn’t stop Fox News from continuing to hammer on the recession theme:
Fox News was praying for the June jobs report to be a dud. After strong numbers beat expectations, Fox still called a recession… pic.twitter.com/NElfOOJAp4
— Craig Harrington (@Craigipedia) July 8, 2022
(Photo Getty Images)