2024: Reasons for optimism under Democrat admin

Paychecks over prices

For much of the economic recovery from Covid-19, prices have increased faster than paychecks, which means real wages, adjusted for inflation, shrank.

However, the trend has started to shift recently, with paychecks catching up to inflation.

Both Zandi and Wolfers expressed optimism real wage growth will gather momentum in 2024.

“As time goes on here and inflation remains low, incomes will catch up and pass inflation,” Zandi said. “People will start feeling better about things.”

The US just capped off another banner year of job growth.

Now it’s at a turning point   

Friday’s jobs report marked a fitting end to what was an odds-defying year.

The US economy added 216,000 jobs in December and the unemployment rate held steady at 3.7%, the Bureau of Labor Statistics reported Friday. The monthly total blew past expectations

- CNN

Around this time last year, many experts said it was a sure bet that the Federal Reserve’s inflation-fighting rate-hiking campaign would result in job losses mounting and send the economy into a recession.

Instead,  

the labor market’s continued strength helped fuel consumer spending and economic growth during the past 12 months.

3.7%    

bidenomics ??   

‘An extraordinary year’ for labor

Through 2023, the United States recorded a net gain of nearly 2.7 million jobs, according to seasonally adjusted data from the BLS.

That averages out to a net gain of 225,000 per month. 

- CNN

More room for optimism about 2024

“The December [jobs report] resulted in a net increase of 216,000 in job creation, bringing to a close an extraordinary year in job creation,” Joe Brusuelas, RSM US principal and chief economist, wrote in a note issued Friday.

“During the past year unemployment averaged 3.6% and closed the year at 3.7% in what the best year for labor since the 1950s.”

The labor market is doing very well and expected to continue!  

@KellyM_1964

AWESOMENESS!!! 

3.7%   yet again!!!

  More indicators we are moving in the right direction into 2024 

In January of last year, the unemployment rate fell to 3.4%, hitting a level not seen since May 1969.

In April 2023, the unemployment rate for Black workers hit a record low of 4.7%.

And then in June, the labor force participation rate for women in their prime working age (25-54 years old) hit an all-time high of 77.8%. 

averaged  3.6% over the year  !!

Initial jobless claims, a proxy for layoffs, remain historically low at just 218,000,

a sign many employers are reluctant to let go of the workers they have.

“Claims are extraordinarily low,” Zandi said. 

If this trend lasts, it should support consumer spending — the main driver of the US economy.

“As long as layoffs remain relatively low, the economy should be fine,” said Zandi. “We are in this kind of virtuous economic cycle.”

Still more optimism for 2024  

As of November, annual inflation (as measured by the Consumer Price Index) has cooled to 3.1% from 6.5% in December 2022, according to the BLS.

As of November, annual inflation (as measured by the Consumer Price Index) has cooled to 3.1% from 6.5% in December 2022, according to the BLS.

“In May [2023], real wage growth flipped positive, and that has been a good news story for workers who are really hurting after 25 straight months of negative real wage growth,” she said.

“It’s good news for the economy going forward; it does somewhat reduce the risk of a recession early in the year, and it props up consumer spending, demand and revenues for businesses.”

about time    

about time    

given the inflation we have had to endure because of opec and the terrorist in russia   this is very welcome news !

@KellyM_1964

 Significant inflation also due to supply chain issues for an extended period of time 

ya but everyone knows supply chain issues around the world were all joe bidens fault  

totally

@KellyM_1964

 Of course!   Hell everyone knows that!   Know matter what happens or which country caused it, if it ultimately affects Americans  then it is automatically the fault of the administration.  

Welp,  unless the administration is led by Trump and his accomplices.   

Then it's "all the Democrats fault!!" 

yep   true        dems   r   the eternal villans at all times

like 9/11 when bush was president          all the democrats fault !

@KellyM_1964

 Ya like tell me about it. 

Don't even get me started about the GREAT RECESSION which was all a plot by the Dems! 

and how bout covid ??

it wasnt chump downplaying it     it was actually the evil democrats !!  

they wanted to win the election so bad that they undermined everything chump tried to do to save american lives  so they could point fingers at chump and con americans into voting against that poor innocent truth teller  

@KellyM_1964

 Aint that the truth!  We can see through the Dems entire evil plot now.  Probably cooked up in the basement of a Philadelphia Pizzeria where they also ran an international child porn and trafficking ring!   Q-Anon was obviously right about everything!

and also the evil democrats forced an extrremely expensive infrastructure deal on america that nobody wants 

,they legislate that we all have to buy light bulbs that are 100 times more expensive than good light bulbs , and we all have to cook by campfire now bcuz their communist "gazpacho police " will b marching into our homes to steal our stoves !!