This article appeared online at TheNewAmerican.com on Friday, June 7, 2019:
It’s far too early to be writing off the longest-running economic expansion in history, as some in the media appear to be doing. Following the release of May’s jobs report from the Bureau of Labor Statistics (BLS) on Friday, CNBC whined that it was “much worse” than expected, while Jeffry Bartash, writing for MarketWatch, called the report a “warning sign for the economy.”
The headline number was 75,000 new jobs in May contrasted with forecasters’ estimates of 185,000. The BLS also revised lower their estimates for March and April by 75,000. The BLS report comes on the heels of the ADP report on Wednesday showing just 27,000 new jobs were created in May.
Behind those headlines, and the premature handwringing, was much to be celebrated: