The U.S. Bureau of Labor Statistics released the December Employment Situation Report this morning showing that the US economy added 216,000 jobs. This is well above the expected 170,000 jobs economists had predicted. Once again, major gains in government, health care, and social assistance contributed to most of the growth. Unemployment held steady at 3.7%.
“According to RedBalloon research, the pandemic cost the US economy 4 million jobs over the last three years,” Andrew Crapuchettes, RedBalloon CEO, said. “This also explains why job postings remain stubbornly high despite a tight labor market.”
“Continued significant downward revision of previous months numbers drives skepticism about whether the administration is using the job number to prop up Biden’s economy,” Crapuchettes said. "Combine this with government jobs continuing to be the fastest growing sector in the economy. The administration is completely out of touch with small businesses.”
According to the November Freedom Economy Index, the private sector is putting its hiring plans on ice. 64.4% of employers say they are neither hiring nor reducing staff.
Crapuchettes finished by saying, "“25% of this report’s job gains come from government. That’s an amazing statistic. Government jobs are eating the private sector alive.”
Methodology:
The Freedom Economy Index surveyed a universe of over 70,000 small business owners throughout the United States, fielding the questionnaire from November 30 to December 5, with 682 respondents. The survey has a margin of error of +/-4.0% at the 95% confidence level.
Founded In 2021, RedBalloon has quickly become America’s largest woke-free job board, connecting employers and employees who prioritize a positive workplace culture free from the divisiveness of cancel-culture mandates.