November Jobs Report Released
What else is each side focusing on?
- Unemployment is down.
- The economy is growing.
- Hiring numbers were well below expectations.
- Inflation remains high.
The Narrative
Despite the pandemic, America’s economy is improving with strong economic growth and decreasing unemployment.
The right is trying to minimize this huge achievement because they want to criticize President Biden.
Today’s job report is very disappointing, with lower-than-expected jobs numbers. An increase in hiring was expected ahead of the holidays, but the Biden administration has failed to get our economy back on its feet.
The liberal media will try to present the jobs report as a win, but it’s a disaster.
How could a reasonable person come to think this?
Because people on the left focus on the decrease in unemployment and increase in labor force participation, the report is perceived (and then discussed) as an overall success because both those numbers improved.
Because people on the right focus on the lower than expected hiring numbers and inflation, the report is perceived (and then discussed) as an overall loss because those numbers worsened.
What else is the left focusing on?
- Unemployment is down.
- The economy is growing.
The narrative: Despite the pandemic, America’s economy is improving with strong economic growth and decreasing unemployment.
The right is trying to minimize this huge achievement because they want to criticize President Biden.
How could a reasonable person come to think this?
Because people on the left focus on the decrease in unemployment and increase in labor force participation, the report is perceived (and then discussed) as an overall success because both those numbers improved.
What else is the right focusing on?
- Hiring numbers were well below expectations.
- Inflation remains high.
The narrative: Today’s job report is very disappointing, with lower-than-expected jobs numbers. An increase in hiring was expected ahead of the holidays, but the Biden administration has failed to get our economy back on its feet.
The liberal media will try to present the jobs report as a win, but it’s a disaster.
How could a reasonable person come to think that?
Because people on the right focus on the lower than expected hiring numbers and inflation, the report is perceived (and then discussed) as an overall loss because those numbers worsened.
As individuals, we only experience a very small slice of a much larger economy. As with many complex topics, we tend to defer to figures we trust to help fill in the gaps.
Certain economic figures might feel more right to us than others, because they depict the economy in a way which aligns with our view of society at large.
People who support the Biden administration expect society to improve, and decreased unemployment confirms that view.
People who oppose the Biden administration expect society to worsen, and lower hiring numbers confirm that view.
Further Reading
We covered a similar economic debate earlier this week, after Federal Reserve Chairman Powell and Treasury Secretary Yellen testified in front of the Senate Banking Committee.