Carney: Jobs Blowout Will Fuel Inflation and Crush Productivity in Biden's Economy

Carney: Jobs Blowout Will Fuel Inflation and Crush Productivity in Biden’s Economy


American employers added jobs at a breakneck pace in July—which could spell trouble ahead.

The Labor Department said the U.S. economy added 528,000 jobs in July, far exceeding the 258,000 expected and demonstrating that the labor market is not cooling off after three interest rounds of Federal Reserve interest rate hikes.

It’s clearly good news that so many Americans have found jobs. The unemployment rate fell to 3.5 percent, matching the prepandemic low of the Trump economy. Unrounded the unemployment rate was 3.458 percent, which makes it the lowest rate since the 1970s.

In a low inflationary environment with a growing economy, like we enjoyed under President Joe Biden’s predecessor, this would be unquestionably good news. In the Biden economy, ravished by four-decade

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