“It’s normal for different economic indicators to point in different directions. It’s the magnitude of the discrepancies right now that’s unprecedented,” said Jason Furman, formerly President Barack Obama’s top economic adviser. “It isn’t just that the economy is growing in one measure and shrinking in another. It’s growing incredibly strongly in one measure while shrinking at a pretty decent clip in another.
Almost five months after the Federal Reserve began raising interest rates to cool off the economy and to bring down thesince the early 1980s, the labor market report showed that the nation’s central bank has more work to do. Average hourly earnings for private sector workers rose by 5.2 percent over the past year, which hints at the sort of wage-price spiral that the Fed is determined to prevent.
On Wednesday, the government is scheduled to release inflation readings for July, which are expected to show a modest improvement compared to June’s 9.1 percent figure, thanks to falling energy prices. “A lot of what's happening in this economy is being driven by the pandemic, and then the pandemic response. And so, we are in a very unusual time, in many ways [it’s] challenging to sort of read through those data,” Loretta Mester, president of the Federal Reserve Bank of Cleveland, and a voting member of the Fed’s rate-setting committee, told The Washington Post this week.
GDP shrunk because of supply chain problems, consumers continued to buy, just imported goods because that was more available.
Could be the GDP report is PRELIMINARY, subject to change. Could be let's wait for more numbers. One swallow does not make spring.
The availability of wage jobs that were lost during the Great Deception does not mean it’s a “booming labor market”.
Nobody gives a shit about the jobs report when people are struggling to pay for gas and groceries
Nothing about our economy is growing. Biden/Harris and the democrats destroyed it.
FYI- Inflation hurts the most vulnerable. Another Tax and Spend bill is going to make at worse!
I am guessing it's growing in weapons sales and homeless shelters...
I feel like plentiful jobs is a good thing