July jobs report shatters expectations, and Fox News is really struggling to deal

July jobs report shatters expectations, and Fox News is really struggling to deal

August 5, 2022 0 By Ellen Novack

NEW YORK, NEW YORK - MAY 06: A 'help wanted' sign is displayed in a Manhattan store on May 06, 2022 in New York City. A new report from the Labor Department shows that America’s employers added 428,000 jobs in April, keeping the unemployment rate at 3.6%. Following a day that saw a drop of over 1000 points over inflation fears, the Dow Jones Industrial Average was down over 200 points in morning trading.  (Photo by Spencer Platt/Getty Images)

The July jobs report crushed both expectations and Republican hopes for bad economic news. The economy added 528,000 jobs, defying predictions of 250,000 new jobs. Unemployment fell to 3.5%—or, economist Justin Wolfers tweeted, more precisely 3.46%, which would be “THE LOWEST UNEMPLOYMENT RATE IN OVER HALF A CENTURY.”

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One significant area of concern in the overall exceptionally good jobs report is that government employment remains well below pre-pandemic levels, the Economic Policy Institute’s (EPI) Elise Gould (among others) notes. Black unemployment also ticked up to 6%. 

The EPI’s Heidi Shierholz also offered a warning about decelerating wage growth and Federal Reserve anti-inflation policy. “Make no mistake, we generally want positive real wage growth for workers! But decelerating wage growth means the Fed doesn’t need more interest rate increases to contain inflation,” she tweeted. “Though today’s release underscores we’re almost surely not in a recession now, the fed may have already overshot and secured a recession in coming months. Regardless, they should slow the pace of rate increases substantially and be ready to go into neutral or even cut rates.”

Those are the reactions of economists concerned about workers in the economy. On the other hand, here were the smug predictions of two Trump economic advisers (one an economist, the other a television host):

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Sorry not sorry, guys! Following the release of the report, Fox News continued to struggle:

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