On Friday, The Daily Caller reported that the unemployment number is up and the workforce participation rate is down. That is exactly opposite of what we would be seeing if the economy were growing.
The article reports:
The unemployment range has hovered between 3.5% to 3.7% since March, and labor force participation has hovered 1.2 percentage points below the pre-pandemic standard set in February 2020, the BLS reported. Monthly job growth has been slowing, with employers adding 372,000 jobs per month in the third quarter of 2022, down from 543,000 in the third quarter of 2021, according to The Wall Street Journal.
…The BLS data contradicts a Wednesday report from payroll firm ADP, which had estimated that the manufacturing sector had cut 20,000 jobs in October. In contrast, the BLS data finds that manufacturers added 32,000 jobs in October, slower than the 37,000 per month average in 2022, but faster than the 30,000 per month seen in 2021.
The Democrats are already claiming that if the Republicans take the house in the mid-term elections, there will be a serious recession. Actually, it doesn’t matter who takes the house in the mid-term elections–there will be a serious recession as a result of the policies put in place by the Biden administration. A Republican Congress may be able to reverse some of these policies, but I am not sure if they will be able to do it fast enough. Meanwhile, after the mid-terms we will probably be dealing with a diesel fuel shortage and severe supply chain problems created by the Biden administration’s energy problems (not by the war in Ukraine).
Your vote matters, and your vote will significantly impact your pocketbook.