The US Labor Department reported on Wednesday that the economy created 818,000 fewer jobs than originally reported in the 12-month period through March 2024. The revised number was nearly 30% less than the initially reported 2.9 million.
I was right that the economic condition has been not as good as the narratives rendered by the politicians and their “main steam” medias. My prediction has been based our own dynamic assessment. I don’t trust any data without my calibration by putting published data in dynamic context and without internalization.
Economic growth in the US has never been splendid after Covid-19 and after the society was reopen. The economy has been gradually sliding down from the initial and transitory recovery. During the course, many people chose to leave the job market and many young people were not able to find jobs. Worse than less labor participation, productivity has been severely impaired due to social connections yet to be fully reestablished, a consequence from social isolation and work from home practices.
If there is any apparent growth, it is more of money phenomenon. Governments handed out a lot money and the central banks printed tones of paper money. High inflation, is in less degree because of imbalance between supply and demand, is because of monetary eases and productivity loss to large degree in my view.