So the Biden White House is claiming record employment. [1]
Is this the same crowd that’s been trying to redefine “recession”? Who told us first that there was no inflation, then told us that the inflation was temporary, wasn’t the fault of the current Administration, was temporary, then that inflation was a good thing for the American people?
With that record of manipulation, are we truly to believe that they wouldn’t fudge employment numbers to support thier rapidly deteriorating position?
Of course even Politico reports the GDP is shrinking. One possible reason for the discrepancy is the number of people who have two or more jobs. That’s a detail that’s in the numbers but that the White House never mentions.
Mauldin Economics adds this [2]:
The most obvious weirdness factor going into this recession is the still-strong employment data. Employers are hiring people faster than they are firing them, and many wish they could hire more. That doesn’t square with recessionary conditions.
This may be because the recession is still young.
Which means that it’s only going to get worse.