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President Biden just lost one of his midterm election talking points. “The U-3 unemployment rate the lowest since (garbled) at 3.5%!” Because it now has risen in October to 3.7%.
Private payrolls added 233k jobs in October, which is a -27% decline from September’s revised private payroll figures.
The good news? Average hourly earnings growth is still positive, but fell to 3.7% YoY. But with inflation raging at 8.2% YoY, workers are getting clobbered by inflation.
Here is the rest of the story.
The Fed is now green-lighted to raise rates even higher.
Biden’s campaign promise was to unite rather than divide. But Biden has morphed into Gustaf Holst’s, Mars – Bringer of War! Both domestically and in the Ukraine.
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Image and article originally from www.investmentwatchblog.com. Read the original article here.