March 7, 2022
- March 8, 2022

Friday morning, the Labor Department issued a stronger-then-expected jobs report for February. It shows that payroll employment rose by 678,000 and unemployment dropped to 3.8%.

The bad news: 4.2 million Americans are still out of work because their employers closed or lost business due to the pandemic (actually, due to the reaction to the pandemic.) Employment is still down by 2.1 million jobs from its pre-pandemic level, which debunks President Biden’s claim that he “created” all those “new jobs.” Also, while hourly wages increased by 5.1% since last February, inflation reached 7%, so even higher wages are buying less.