Last week, it was reported that a record number of Americans (159,244,000) were employed in December of 2022. This could be interpreted as a good sign for the economy and for President Biden’s job performance but leaving the analysis that simple would be dishonest as there is a lot more that goes into it than the raw jobs total alone. The population of the United States continues to grow, so it makes sense that the number of people working will also grow, even if the labor participation rate remains constant. Furthermore, the number of people working does not always accurately reflect the health of the economy. Labor force participation could be high because people don’t have enough savings to retire, need to supplement their family income, or need to work in lieu of going to school. All of these metrics would indicate a bad economy, even though the number of people working could be high. That’s why it’s always important to always look at the sum total of economic indicators, considering things like consumer confidence, inflation, wages, and stock market performance in addition to job creation and labor force participation.
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