Job Market So Good It Takes the Month Off To Relax

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Trump has been doing so much winning. And all that winning is exhausting! Maybe it’s time for a nap.

While our fearless leader displays limitless energy, single-handedly solving diplomatic crises and unilaterally removing the U.S. from important multi-nation agreements, the rest of the economy has decided to take a month off to relax. The job market can only do so much!

And you know what—the jobs have earned it! It’s hard breaking records over the last several years, especially in the face of evil deficit spending and the apparent success of Keynesian economics. Sometimes the jobs just gotta do them, take some time off and chill at home, watching romcoms and eating Ben and Jerry’s. Treat yo’self, jobs!

That must be why the April job market came in below expectations, adding just 164,000 jobs. The good thing is that above the estimate 150,000 jobs that the economy requires to continue to expand, as new workers join the job market and employees attempt to switch jobs. This means the job market didn’t totally phone it in. However, it’s below the 195,000 jobs that economists forecast, meaning that economists are only a little bit better than weather reports or something unexpectedly changed. Definitely the first.

job market growth 2008 through 2018
1-month job growth from 2008 through today, in thousands. Source: Bureau of Labor Statistics.

The sad news is that most of these newly created jobs are a bummer. Wages are still stagnant, and the pace of hiring is starting to slow down. Of course, this is just seven-dimensional chess played by Team Trump, who will obviously make America the exact image of “Leave It To Beaver,” complete with casual racism and suffocating conformity if only given the chance.

However, the unemployment rate did continue its fall to 4.3 percent, the lowest that it has been in 16 years. And it will probably keep going down! But that figure has been misleading since to 2008 financial crisis. As workers give up on searching for jobs, that lowers the unemployment rate. So as the persistently unemployed surrender to circumstances or older workers transition to Social Security, it gives the impression that unemployment is decreasing. And technically, it is. But not a way that should be producing cheers.

We seem to remember how Trump was very distrustful of job reports, right up until the instant he took office. He must have made a major turnover at the Bureau of Labor Statistics because suddenly the reports were valid and trustworthy again! Of course, Trump’s aura of truth, justice and right-thinking probably helped, as his beneficent glow bathed the labor statistics in cleansing light. And now that they’re trustworthy again, its so strange to see that they’re not great.

If only there was some solution offered by trained economists to help improve the jobs market for those still seeking work. Oh well!

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Author: Alex Fox


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