As we head into Labor Day weekend 2022, the state of our economy is looking very strong – as Rep. Gerry Connolly (D-VA11) lists, below: we’re definitely NOT in a recession, we’re continuing to add jobs, the labor force participation rate is up to near pre-pandemic levels, “working-age women are now back to work at rates not seen since before the pandemic,” “gas prices have fallen for 80 straight days, down $1.20/gallon since summer started,” American manufacturing “roaring back,” etc. None of this is by accident, of course! Instead, as Rep. Don Beyer (D-VA08), Chairman of the Joint Economic Committee, explains: “The strength and speed of this recovery is the result of strong leadership and good economic policy that put workers and families first.” By Democrats, of course, whose economic performance historically has been far, far stronger than by Republicans…just check out the numbers, below; it’s amazing!
There’s a bit of a goldilocks feel to this latest report.
It’s not too cold, and with payrolls growth averaging +378k per month(!), it puts an end to any talk the U.S. economy is in recession.
It’s not too hot, with a sharp rise in participation, and more sustainable job growth
— Justin Wolfers (@JustinWolfers) September 2, 2022