The October jobs report was hailed as a massive rebound for the economy – after the jobs reports from much of the summer were seen as disappointing, with fewer jobs than economists had projected. Adjusting now for payrolls data and making revisions to the jobs reports from August to September that should have shown the robust growth seen in July – when 943,000 jobs were added. At the time, August’s job report only showed a disappointing 235,000 jobs, with September looking even worse. Corrections however, show that the numbers were almost double what was reported by Bureau and Labor Statistics, owing to the pandemic.
It is now clear that an additional 483,000 jobs were added in August and 312,000 added in September. The corrections alone would be a pretty decent jobs report – but this is coming on top of the administration that has already done record job growth for the economy – with the most jobs added in the first 10 months of an administration than any other president. Now we are free to say that those numbers were even bigger – that October’s job numbers were part of a trend of strong recovery – something that a number of economists are especially optimistic about in the wake of the BIF passing.
This also lands around the same time that the leader of the Republican Senatorial Committee was caught on a hot mic calling the rise in inflation a “gold mine” for the GOP – leaving Democrats with the perfect window to run on a robust economy in 2022. The GOP will probably try to attribute these gains to Donald Trump and try to push the culture wars – but we can and should hammer it back to them every step of the way.
James Sullivan is the assistant editor of Brain World Magazine and an advocate of science-based policy making