The U.S. job market turned weaker last month, dashing hopes for an economic rebound.
A report from the Labor Department Friday shows employers cut 92,000 jobs in February, when economists had expected the U.S. would continue adding jobs, albeit at a sluggish pace. The unemployment rate inched up to 4.4%.
Job gains for December and January were also revised downward, with December now showing a net loss 17,000 jobs.
In that case, what is “the economy” and why should I care?
That’s a fair call out. My comment about systemic issues was to address the fact that it’s somewhat unfair to compare apples and oranges. So when I said the economy was doing well under Biden, I meant in regards to the current systems in place in the US.
That being said, the economy is generally measured in how productive the country is. If the economy is doing good, then generally we have lots of people producing lots of things. That doesn’t mean we’re producing the right things though, as that comes down more to policy and public sentiment/behavior.