Economy Archives - The Pennsylvania Daily Star

Analysis: Biden’s EV Mandates Would Hinder the Commercial Trucking Industry

May 12, 2024 Pennsylvania Daily Star Staff

Converting America’s medium- and heavy-duty trucks to electric vehicles (EV) in accordance with goals from the Biden administration would add massive costs to commercial trucking, according to a new analysis released Wednesday.

The cost to switch over to light-duty EVs like a transit van would equate to a 5% increase in costs per year while switching over medium- and heavy-duty trucks would add up to 114% in costs per year to already struggling businesses, according to a report from transportation and logistics company Ryder Systems. The Biden administration, in an effort to facilitate a transition to EVs, finalized new emission standards in March that would require a huge number of heavy-duty vehicles to be electric or zero-emission by 2032 and has created a plan to roll out charging infrastructure across the country.

Commentary: China’s Land Grab

May 11, 2024 Pennsylvania Daily Star Staff

At both the federal and state levels, elected leaders are paying more attention to national security threats stemming from Chinese-owned real estate in the United States.

The totality of Chinese-owned real estate in the United States remains unknown and, under current law, is unknowable. For agricultural land, Chinese-owned acreage reportedly only constitutes a small share of the United States’ total, but has increased rapidly in recent years, suggesting a growing threat that would best be managed now before it turns into a significant problem.

Bidenomics Tips More Stressed U.S. Banks Into Danger Zone as Economy Slows

May 6, 2024 Just the News

With inflation, high-interest rates and slowing economic growth already stressing Americans heading into the 2024 election, another reason to worry about the Biden economy has cropped up: distressed banks in danger of failing.

Last month U.S. regulators seized a bank known as Republic First Bancorp and agreed to sell it to Fulton Bank.

Reports: 2023 Was a Record Year for Natural Gas Consumption

May 6, 2024 The Center Square

2023 was a record year for domestic natural gas consumption, and its supply wouldn’t have been possible without record U.S. production, led by Texas, according to several reports.

Texas produced the equivalent of one-third of the natural gas consumed last year, with Texas producers breaking multiple records last year, The Center Square reported.

Americans Less Confident About Economy, Poll Shows

May 5, 2024May 4, 2024 The Center Square

Americans are less confident about the economy, according to a new survey.

Gallup’s recently released economic confidence rating dropped from March to April as inflation remains elevated. Just after the polling was conducted from April 1-22, the federal government released underperforming Gross Domestic Product data.

Americans Increasingly Turning to Discount Grocer Amidst Rising Prices

May 5, 2024May 4, 2024 Pennsylvania Daily Star Staff

A German discount grocer has seen an increase in business from American customers over the last year, as inflation remains stubbornly high and presents an ongoing threat to Americans’ financial security.

The Daily Caller reports that Aldi, the German-based grocer, saw a staggering 26% increase in foot traffic at its store in March compared to March of 2023. This rise far surpassed increases at other popular grocery store chains, including the 6% year-over-year increase at Kroger and the 15% increase at Trader Joe’s.

Latest Productivity Data Spells More Trouble for Future of American Economy

May 5, 2024 Pennsylvania Daily Star Staff

U.S. productivity growth slowed in the first quarter of 2024, casting doubt on the American economy’s future growth, according to data released by the Bureau of Labor Statistics (BLS) on Thursday.

Growth in U.S. business productivity slowed to just 0.3% in the first quarter of 2024, below economists’ predictions of 0.5% and far lower than the 3.5% rate of growth achieved in the fourth quarter of 2023, according to the BLS. Sluggish growth in productivity bodes poorly for broader gross domestic product (GDP) growth, which slowed to 1.6% in the first quarter of 2024.

Commentary: Free Markets are Necessary But Not Sufficient

May 5, 2024 Pennsylvania Daily Star Staff

For most of our lifetimes, classically liberal economics so dominated the Right that nobody wondered if conservatives were abandoning free markets. In recent years, though, a new generation of conservative thinkers—more traditionalist, populist, or nationalist than libertarian—has challenged the utility and even the morality of laissez faire economic policy.

We welcome their questions and critiques, as they have compelled American conservatives to have a long overdue conversation about the market, the family, and the state. But the blunt truth is the movement cannot abandon free markets. The moral and practical case for free enterprise is as necessary today as it was when Ronald Reagan and Margaret Thatcher used it to rescue their nations’ economies and win the Cold War.

Majority of Small Businesses Say Colleges are Failing to Prepare Gen Z for the Workplace, Survey Shows

May 4, 2024 Kaitlin Housler

A recent survey conducted by RedBalloon and PublicSquare found that a majority of small businesses believe colleges are failing to prepare Gen Z for the workforce and that nearly half of small businesses said that a college degree has zero value in their hiring decisions.

Gains in Government Jobs Couldn’t Save Biden’s Economy in April

May 4, 2024 Pennsylvania Daily Star Staff

Growth in government jobs slowed in April, bucking the pattern that has contributed to above-trend job growth over the past several months, according to data from the Bureau of Labor Statistics (BLS).

Employment in government grew just 8,000 in April, lower than the average over the past year of 55,000 per month, according to data from the BLS. A slowdown in government hiring led total job growth in April to be largely anemic compared to recent months, with the U.S. adding only 175,000 nonfarm payroll positions in the month, lower than the average over the past year of 242,000.

Commentary: Jobs Report Shows the Specter of Stagflation Has Returned

May 4, 2024 Pennsylvania Daily Star Staff

The specter of stagflation has returned. The monthly jobs report released Friday showed only 175,000 jobs were created last month, well below the recent average and expectations.

More than half of new jobs were created in the unproductive government and quasi-government healthcare and social services sectors that don’t generate growth. Average wages grew at a slower rate than inflation, meaning Americans’ real wages and living standards are declining.

Companies are Slashing Away at Debt as Surging Inflation Casts Shadow over Interest Rate Cuts

May 2, 2024May 1, 2024 Pennsylvania Daily Star Staff

Many companies are looking to cut down on their debts as recent high inflation reports have made borrowing more expensive as the prospect of interest rate cuts by central banks diminishes, The Wall Street Journal reported Wednesday.

Even companies with already high credit outlooks are deleveraging to boost their rating with top agencies and reduce debt costs that have increased along with interest rates, while firms with lower ratings are needing to cut debt to maintain profitable operations, according to the WSJ. Investors have had to adjust their view about when interest rates might decline in recent weeks as persistently high levels of inflation have made it less likely that central banks around the world, including in the U.S., will cut interest rates, reducing the cost of holding debt.

Federal Reserve Holds Interest Rates Steady at 23-Year High

May 1, 2024 Just the News

The Federal Reserve on Wednesday decided to hold interest rates steady at a 23-year high, a decision that was expected.

‘Economic Suicide’: Biden Admin Justifies Tax Hike Based on Racial Criteria

May 1, 2024 Pennsylvania Daily Star Staff

The Biden administration’s analysis of its revenue proposals for fiscal year 2025 argues targeted tax hikes that disproportionately affect white people would ease racial wealth inequality.

Increasing taxes on capital gains and income-based wealth would reduce racial wealth inequality for black and Hispanic families, the Treasury Department outlined in the analysis published in mid-March. The Treasury points out that white families disproportionately hold assets subject to capital gains tax or are in a higher tax bracket, meaning a hike in those taxes would benefit black and Hispanic families.

Congress’ Inaction on Debt ‘Irresponsible’ Says Former Comptroller

April 30, 2024 The Center Square

The former U.S. Comptroller General said Congress’ failure to address the federal debt burden was “irresponsible.”

David Walker, former Comptroller General of the United States and a member of the Main Street Economics Advisory Board, said recent economic data should prompt lawmakers to take action before the debt problem gets worse.

More Than 100 Colleges Cave Closed or Merged Over Last Eight Years

April 30, 2024 Pennsylvania Daily Star Staff

The University of Saint Katherine, a small nonprofit in North San Diego County, recently announced it will close May 18, citing “financial pressure due to unprecedented inflation and rising state-mandated labor costs.”

It’s not alone. Nationwide, universities face financial hardships that appear to be getting worse. More than 100 colleges and universities have closed or merged, or announced plans to, over the last eight years, according to a tracker updated this month by Higher Ed Dive.

Airlines Launch Effort Backing Green Jet Fuel Tax Credit that Could Raise Food Prices for Americans

April 30, 2024 Pennsylvania Daily Star Staff

A coalition of major airlines has formed a group supporting a tax credit pushed by President Joe Biden that experts say could jack up food prices.

More than 40 companies, including Boeing, American Airlines, JetBlue and United as well as ethanol trade groups, are pushing the federal government to “expand” existing tax credits for “sustainable aviation fuel” (SAF) and to pass legislation to increase the fuel’s availability, Axios reported. Corn-based ethanol is a common component in SAF and experts previously told the Daily Caller News Foundation that increasing the demand for corn by incentivizing its use in jet fuel could indirectly raise food costs for Americans.

Elevated Inflation, Poor GDP Growth Raise Concerns

April 29, 2024 The Center Square

Federal data released Friday showed that inflation remains elevated. The figures came out on the heels of other data showing the U.S. Gross Domestic Product underperformed in the first quarter of this year.

Both the inflation and GDP data points raised concerns among economists and renewed criticism of President Joe Biden among Republicans.

Mounting Evidence Is Pointing to a Nightmare Scenario for the U.S. Economy

April 29, 2024 Pennsylvania Daily Star Staff

U.S. annual economic growth measured just 1.6 percent in the first quarter of 2024, following a report of persistently high inflation in March of 3.5 percent year-over-year. The combination of both low growth and high inflation, in conjunction with continuously high amounts of government spending and debt, has led to signs of stagflation in the U.S. economy, which wreaked havoc on U.S. consumers throughout the 1970’s, according to experts who spoke to the DCNF.

Americans Consumed Record Amounts of Natural Gas in 2023

April 28, 2024April 28, 2024 Just the News

The latest figures from the U.S. Energy Information Administration show that Americans are consuming a record amount of natural gas.

In 2023, the U.S. consumed 89.1 billion cubic feet of gas in 2023, which was a record, according to the EIA. Since 2018, American consumption of natural gas increased by an average of 4% annually.

Economist Uses Big Mac Price Index to Analyze Inflation, Impact of Food Costs

April 27, 2024 The Center Square

In addition to measuring foreign exchange rates, an economist is using the price of a hamburger to examine inflation.

The Economist magazine developed the Big Mac index in 1986 as an informal way to determine the “purchasing power parity” of different countries and currencies. B. Ravikumar, senior vice president and deputy director of research at the Federal Reserve Bank of St. Louis, recently used the Big Mac index to analyze the U.S. consumer price index, which is widely used as the authoritative inflation measurement.

Top Automaker Takes $1.3 Billion Bath on Key EV Line

April 26, 2024 Pennsylvania Daily Star Staff

Top American automaker Ford hemorrhaged over a billion dollars on electric vehicles (EV) in the first quarter, leading to massive losses per vehicle.

Ford sold 10,000 vehicles in its EV Model e unit in the first three months of the year, losing $1.3 billion on the line altogether, equating to a loss of $130,000 per vehicle sold, according to data from the company’s first quarter earnings report. Despite the loss on EVs, Ford’s net income was $1.3 billion, selling over a million vehicles with $42.8 billion in revenue in the quarter.

Expert: Michigan Nuclear Energy Could Help Decarbonize Electricity Sector

April 26, 2024April 25, 2024 The Center Square

Michigan’s top business group says “we can’t get” to the 100% clean energy standard by 2040 without nuclear energy.

The Michigan Chamber of Commerce, Gov. Gretchen Whitmer, bipartisan lawmakers and organized labor support restarting the 800-megawatt Palisades nuclear plant on Lake Michigan’s Eastern shore, expected to return online in 2025.

Tesla Reports One of Its Worst Quarters in Years in Latest Sign of Trouble for EV Market

April 25, 2024 Pennsylvania Daily Star Staff

Tesla disclosed a shaky earnings report to the public on Tuesday in the latest sign of weakness in the U.S. electric vehicle (EV) market.

The EV maker’s revenue for the first quarter of this year came in nearly 10 percent below its revenue for the first quarter of 2023, marking the largest decline the company has seen since 2012, according to its quarterly report and CNBC. Tesla’s net income also fell by about 55 percent relative to 2023, and the company warned investors that “volume growth rate may be notably lower than the growth rate achieved in 2023.”

Ukrainian Aid Costs Each American Household Almost $1,500, Economists Say

April 24, 2024 Pennsylvania Daily Star Staff

Ukraine President Volodymyr Zelenskyy with United States President Joe Biden

Even as Americans grow increasingly pessimistic and agitated about their personal finances, Congress is about to ask struggling families to cover the cost of more funding for Ukraine.

The $95 billion foreign aid package adopted Saturday by the House and facing near-certain passage in the Senate includes an additional $61 billion for Ukraine. Once added to the money already appropriated for Ukraine since 2022, the United States will have spent approximately $173 billion.

International Money Fund Warns on U.S. Debt ‘Something Will Have to Give’

April 22, 2024 The Center Square

The International Monetary Fund warned the United States that government spending and increasing national debt are not sustainable and could hurt the global economy.

The Washington, D.C.-based group that represents 190 member countries also called the U.S. economy “overheated.” The debt warning follows several other high-profile calls to address growing U.S. debt.

Home Sales Drop in March as Mortgage Rates Surge over 7 Percent

April 22, 2024 Pennsylvania Daily Star Staff

Existing home sales shrank in March as consumers respond to continuing price increases and rising mortgage rates.

Sales for existing homes fell 4.3% in March compared to the previous month and 3.7% year-over-year, to an annual rate of 4.19 million, according to a press release from the National Association of Realtors (NAR). The average for a 30-year fixed-rate mortgage reached 7.10% this week, a substantial jump from 6.88% last week, depressing Americans’ desire to switch homes and possibly acquire a higher interest rate, according to a release from real estate giant Freddie Mac.

Report: Biden has Taken over 200 Actions Against U.S. Oil

April 21, 2024 The Center Square

President Joe Biden and his administration have taken over 200 actions against the U.S. oil and natural gas industry as energy prices have gone up, according to a new report.

“President Biden and Democrats have a plan for American energy: make it harder to produce and more expensive to purchase,” the Institute for Energy Research states in a new report. “Since Mr. Biden took office, his administration and its allies have taken over 200 actions deliberately designed to make it harder to produce energy here in America.”

U.S. Potentially Facing New Era of High Interest Rates

April 19, 2024April 18, 2024 Pennsylvania Daily Star Staff

The United States could be facing an era of prolonged high interest rates unlike anything seen in recent memory.

According to Axios, a number of major factors indicate that high interest rates could be the new norm in the U.S., including the movement of rates, the rate of inflation, and the recent outlook for the Federal Reserve’s policy in addressing these issues.

Electric Vehicle Maker Launches Another Round of Layoffs as Demand Slows

April 19, 2024 Pennsylvania Daily Star Staff

Electric vehicle (EV) manufacturer Rivian announced its second round of layoffs just this year on Wednesday as consumer demand for EVs stalls.

The layoffs at Rivian will affect around 1 percent of the company’s staff as they continue to look for ways to cut costs to bolster struggling profits due to less-than-expected EV sales, the company confirmed to the Daily Caller News Foundation. Rivian announced in February that it was laying off 10 percent of its workforce after it released its 2024 production forecast, which was well below analyst expectations, according to Reuters.

U.S. Wheat Farmers Stare Down Huge Losses as Foreign Goods Flood Market

April 18, 2024 Pennsylvania Daily Star Staff

Many American wheat farmers may face losses in 2024 due to a glut of foreign supply coupled with soaring equipment and labor costs amid high inflation, Reuters reported Wednesday.

Wheat prices are near their lowest point in nearly four years as supply from the Black Sea and Europe has unexpectedly flooded the market after three years of droughts draining reserves, hitting winter wheat farmers in the Great Plains particularly hard, according to Reuters. Costs for transporting and producing American wheat have soared compared to foreign wheat suppliers, with high inflation increasing costs for farm equipment, repairs and labor for farmers.

Commentary: Inflation Will Stick Around as Long as The Big Spenders Do

April 17, 2024 Pennsylvania Daily Star Staff

August came early to the nation’s capital with last week’s round of March inflation data. The late summer weather in Washington, D.C., is notoriously hot and sticky, two accurate descriptors of the latest price increases facing families and businesses alike. Inflation is stubbornly high, and the Biden administration’s spendthrift public policies are to blame.

In the past 12 months, consumer prices rose 3.5 percent, the second month of accelerating annual inflation. In March alone, prices rose 0.4 percent. That may not sound like much, but it’s actually terrible. If that monthly inflation rate holds steady, prices will double in less than 16 years.

Tesla Announces Layoffs as Sales Slow

April 15, 2024 Admin

Electric vehicle (EV) maker Tesla sent an internal memo notifying staff that the company would be laying off more than 10 percent of its global workforce, Reuters reported Monday.

Report: States with Low Taxes, Fewer Restrictions Tops for Economic Outlook

April 15, 2024 The Center Square

States with lower tax rates, lower debt and fewer government restrictions generally have stronger economic outlooks, according to the latest report that ranks states from best to worst based on how friendly their policies are to economic growth.

The American Legislative Exchange Council released its “Rich States Poor States” report Tuesday. The report ranks states based on “economic outlook” using 15 factors.

Americans Face Rising Gas Prices Again

April 15, 2024 The Center Square

Gas prices are steadily rising around the U.S. again, leaving many cash-strapped Americans struggling to keep up.

According to AAA, the current average price for a gallon of regular-grade gas nationally is $3.63. That is a sharp increase from $3.39 just one month ago. Crude oil prices have risen steadily over the last 30 days, from about $77 per barrel to $85 per barrel.

Electricity Prices have Risen Seven Times Faster Under Biden than Trump

April 13, 2024 Pennsylvania Daily Star Staff

Electricity prices have experienced a significant rise since the beginning of the Biden administration, rising more than seven times faster than under the entire Trump administration.

The average price of electricity has increased by 29.4% since January 2021 as of March, far greater than the preceding four years under the Trump administration, when electricity prices increased by only 4.0%, according to the Federal Reserve Bank of St. Louis. The jump in electricity prices accompanies a number of policies from the Biden administration that have curbed energy production, such as a regulation from the Environmental Protection Agency that requires that existing coal-fired power plants cut their greenhouse gas emissions by 90% by 2040.

Feds Borrowed $6 Billion Per Day So Far This Fiscal Year

April 12, 2024April 11, 2024 The Center Square

The U.S. federal government has borrowed about $6 billion per day so far this fiscal year with little indication of slowing down.

The U.S. Treasury Department released its figures for the month of March showing it borrowed $236 billion in March alone, bringing the total to $1.1 trillion for this fiscal year, which runs from October to September.

Investors Scramble to Adjust Their Portfolios After Inflation Surge

April 12, 2024 Pennsylvania Daily Star Staff

Many investors are diversifying their portfolios from standard stocks and bonds as March’s inflation surge casts doubt on economy-boosting rate cuts from the Federal Reserve happening this year, according to Reuters.

The consumer price index increased to 3.5 percent year-over-year in March, up from 3.2 percent in February and far from the Fed’s 2 percent target. Markets prior to March’s inflation report anticipated a few rate cuts this year, leading investors to buy up stock in anticipation that markets would rise when cuts materialize, but the increasing possibility that the Fed will not cut rates this year has led investors to switch up their market strategy, according to Reuters.

Prices Edge Even Higher as Fed Chair Speculates If Inflation Is Really Under Control

April 11, 2024April 10, 2024 Pennsylvania Daily Star Staff

Inflation jumped year-over-year in March amid speculation over whether the rate of inflation is really decelerating, according to the latest Bureau of Labor Statistics release on Wednesday.

The consumer price index (CPI), a broad measure of the price of everyday goods, increased 3.5 percent on an annual basis in March and 0.4 percent month-over-month, compared to 3.2 percent in February year-over-year, according to the BLS. Core CPI, which excludes the volatile categories of energy and food, remained high, rising 3.8 percent year-over-year in March, compared to 3.8 percent in February.

Pennsylvania Road Closure Costing Residents Thousands in Tolls

April 10, 2024April 9, 2024 The Center Square

The reopening of a three-mile section of Route 611 through the Delaware Water Gap – shut down since December 2022 due to rockslides – has been complicated by a combination of nature and red tape.

In the meantime, area residents pay tolls multiple times a day along a detour that crosses into New Jersey and business owners struggle to keep their doors open.

Commentary: High Gold Price Points to Sustained Inflation

April 10, 2024 Pennsylvania Daily Star Staff

The economy looms large in the minds of most people and not simply because it is an election year. It affects us directly. We spend a lot of our waking hours at work, and our jobs are often connected to the welfare of families and children. With everything being more expensive, getting a toe hold on mere middle-class status is harder now than it was for older generations. Many people are slipping down a rung or three.

In addition to long-term trends like the decline of manufacturing and the cut-throat financialization of corporate America, unique recent events loom large. COVID lockdowns, soon followed by the government money giveaway—PPP loans, augmented unemployment benefits, rent relief, and other stimulus plans—disrupted our routines and affected the entire economy. While these measures likely prevented a deep recession, the shutdowns ruined a lot of businesses, and the various stimulus funds ended up unleashing inflation.

‘Million Dollar Cities’ on the Rise as Home Prices Climb

April 9, 2024 The Center Square

More cities have hit the $1 million mark amid rising home prices, especially in California.

A year ago, real estate marketplace Zillow found 491 cities where the typical home value was $1 million or more. That number grew to 550 cities this year, according to Zillow.

Inflation, COVID-Era Spending Policies Result in Teacher Layoffs Nationwide

April 9, 2024 The Center Square

Teacher instructing students in classroom

School districts across the country are laying off teachers, citing high inflationary costs, budget deficits, and federal COVID-era funding running out after receiving windfalls in federal subsidies for three years.

The federal COVID-era subsidies were funded through ESSER (Elementary and Secondary School Emergency Relief) grants administered by state education agencies. Financed through the CARES Act and supplemental appropriations, the grant funding expires Sept. 30.

Part-Time Employment Surges for Another Month While Full-Time Falters

April 8, 2024 Pennsylvania Daily Star Staff

The number of Americans working part-time jobs surged in March, while full-time jobs declined slightly, according to data from the Bureau of Labor Statistics (BLS) released Friday.

There were 28,632,000 people with part-time jobs in March, 691,000 more than in February, when there were 27,941,000, according to the BLS. In that same period, the number of people employed in full-time positions dropped by 6,000, from 132,946,000 to 132,940,000.

Increased Crime Cutting into Small-Business Earnings, Survey of Owners Finds

April 8, 2024 Pennsylvania Daily Star Staff

One-third of small-business owners say increased crime is cutting into their earnings, and 7 in 10 grade President Joe Biden’s performance negatively in terms of helping small businesses, a new poll finds.

Pollsters John McLaughlin and Scott Rasmussen conducted the survey, along with the Job Creators Network Foundation in March, among 400 small-business owners. When asked about their sentiments regarding the state of the economy, 46% of small-business owners said the economy is getting worse, while just 27% said it’s getting better.

Commentary: Job Program for Americans-No Jobs for Illegal Aliens, Period

April 8, 2024 Pennsylvania Daily Star Staff

I am weary of hearing the trope that we need more illegal aliens because “Americans won’t work those jobs.” My bet is that most Americans share this sentiment as well.

Amidst a myriad of concerns about illegal immigration, one prominent worry among Americans is the potential adverse effects on the U.S. workforce. There is apprehension that undocumented migrants could potentially displace native-born workers, leading to job loss and further exacerbating the nation’s tax burden. The media and the left love to dismiss such considerations as fearful, xenophobic, and bigoted, arguing instead that alien workers fill a vital gap in the American workforce. But these concerns, nevertheless, are valid.

Study Grades Natural Gas as Best Source for Reliability, Affordability and Environmental Impact

April 8, 2024 Just the News

A new study finds that natural gas is the most effective energy source meeting growing energy demands affordably and reliably, while balancing environmental and human impact.

The “Grading the Grid” study by the Mackinac Center for Public Policy, a pro-free market nonprofit, and Northwood University rates natural gas, coal, petroleum, nuclear, hydroelectric, wind, solar and geothermal generation sources on their reliability, environmental and human impact, cost, innovation and market feasibility.

Americans Skipping Meals to Afford Housing Under Biden: Poll

April 7, 2024April 6, 2024 Pennsylvania Daily Star Staff

A major real estate company released a survey on Friday which found that renters and homeowners are significantly reducing their quality of life to afford housing under President Joe Biden.

Nearly one in five homeowners and renters reported skipping meals to afford housing in Biden’s economy, according to a new survey conducted by Redfin. The median asking rental price increased from less than $1,700 when Biden took office in January 2021 to nearly $2,000 as of February, according to Redfin’s data.

Job Market Continues Hot Streak Despite Persistent Layoffs

April 6, 2024 Pennsylvania Daily Star Staff

The U.S. added 303,000 nonfarm payroll jobs in March as the unemployment rate ticked down to 3.8%, according to Bureau of Labor Statistics (BLS) data released Friday.

Economists anticipated that the country would add 200,000 jobs in March compared to the 275,000 jobs that were added in initial estimates for February, and that the unemployment rate would remain unchanged at 3.9%, according to Reuters. The job gains are in spite of persistent layoffs that reached a 14-month peak in March at 90,309.

Commentary: Under The Hood, the Jobs Report Is Not Strong

April 6, 2024 Pennsylvania Daily Star Staff

Looking under the hood of today’s jobs report shows it isn’t the home run that Democrats and the media claim.

Approximately half of the 303,000 jobs created last month came in the unproductive government or quasi-government healthcare sectors. These are not the types of jobs that drive growth and improve Americans’ living standards.