The U.S. Bureau of Labor Statistics released a report showing a strong labor market with growing wages, a lower unemployment rate, and the addition of 254,000 jobs to the economy. (Photo by Joe Raedle/Getty Images)
As Americans vote in the 2024 U.S. election, few issues are more prominent than the national economy. And, for the most part, happily – especially in comparison to elections past – the economic news is extremely good.
Earlier this month, the U.S. Bureau of Labor Statistics released a report showing a strong labor market with growing wages that are outpacing inflation, a lower unemployment rate, and the addition of 254,000 jobs to the economy.
In short, it appears that the Biden administration and the Federal Reserve have done a masterful job of managing the post COVID recovery and avoiding the recession that economists had feared.
Of course, none of this is to say that things are perfect. Many people have yet to benefit from the rising economic tide, affordable housing remains in short supply, and the super-rich continue to realize much more than their fair share of the pie.
The bottom line: Whoever controls Congress and the White House next year will still face major economic challenges, but building on the successes of recent years is the obvious policy course.
For NC Newsline, I’m Rob Schofield.