On Friday, December 8, the U.S. Labor Department shared an update regarding the unemployment rate.
In November, the U.S. economy added 199,000 jobs. As a result, the unemployment rate fell to 3.7%. The data collected by the U.S. Labor Department in November exceeded previous expectations. At the start of the year’s penultimate month, economists expected the U.S. to add 180,000 jobs and the unemployment rate would hold at 3.9%.
The falling unemployment rate has not necessarily spelled out positive feelings about the economy amongst average Americans. Nearly 60% of Americans reportedly feel that the U.S. is in a recession. Additionally, an Associated Press survey found that two-thirds of respondents say their expenses have risen, but only one-quarter of respondents say their income has risen.
“Most Americans are not just looking for disinflation,” Lisa Cook of the Federal Reserve’s Board of Governors said.
They’re looking for deflation. They want these prices to be back where they were before the pandemic. I hear that from my family.”
While Americans may have less than optimistic feelings about the economy, President Joe Biden remains confident that the nation is heading in the right direction.
“That’s more than 14 million additional Americans who know the dignity and peace of mind that comes with a paycheck,” President Joe Biden stated.
“On my watch we have achieved better growth and lower inflation than any other advanced country.”
