The February Jobs Report shows we are on the right track. The accompanying inflation is not caused by shortages. It is caused mostly by parasitic corporations with pricing power.
February Jobs Report, Progressive success
We have another great jobs report. The following is from yahoo/finance.
The U.S. economy added back the most jobs since July 2021 in February, with job growth accelerating even in the already-tight labor market as new Omicron cases from earlier this year came down.
The Labor Department released its February jobs report Friday at 8:30 a.m. ET. Here were the main metrics from the print, compared to consensus estimates compiled by Bloomberg:
- Non-farm payrolls: +678,000 vs. +423,000 expected and an upwardly revised +481,000 in January
- Unemployment rate: 3.8% vs. 3.9% expected, 4.0% in January
- Average hourly earnings, month-over-month: 0.0% vs. 0.5% expected and a downwardly revised 0.6% in January
- Average hourly earnings, year-over-year: 5.1% vs. 5.8% expected and a downwardly revised 5.5% in January
February’s jobs report presented yet another upside surprise to investors, and marked a fourteenth consecutive month of payroll growth. Last month, January’s jobs report also showed many more jobs returned than expected, with payrolls rising by 400,000 versus the 125,000 expected at the time. In Friday’s report, January’s job gains were also upwardly revised even further to show 481,000, compared to the 467,000 previously reported. And December’s payrolls were upwardly revised again to 588,000, compared to the 510,000 posted in last month’s revision.
We must promote the job’s message. Most importantly, it is essential to justifiably point out that the parasitic corporations continue to suck up the gains of the average American just because they have pricing power.
I repeat ad nauseam, our inflation, for the most part, is not caused by shortages. Yes, we have spot shortages caused by the failure of the private sector because of offshoring and just-in-time inventory. But that is a failure of the private sector, not the government.
So let us keep a strong, aggressive, and assertive message going. We built back the economy. Now we must fight the corporatocracy from taking it away with their monopolistic and parasitic pricing power.