The younger Biden administration has already settled into an odd sample of dissonance between the financial knowledge the federal government stories and the president’s characterization of the financial system. Encouraging updates from federal companies are adopted by gloomy proclamations from the Oval Workplace supposed to justify huge federal motion. Tuesday introduced one other bleak political message on the heels of a constructive market studying.
Within the morning the Labor Division reported that U.S. job openings ticked up in December to six.6 million. This not solely represented a slight enhance from November’s traditionally excessive studying of 6.5 million but additionally exceeded the prior-year stage throughout the pre-Covid salad days.
Just lately this column noted that, within the language of the Obama-Biden administration, our new President Joe Biden has acquired a large “inheritance” from his predecessor by way of a rebounding financial system. Measured by way of the variety of open positions for U.S. employees, the final full month of the Trump presidency is the best “inheritance” any U.S. president has ever handed on to his successor.
December’s 6.6 million job openings exceed by greater than 1,000,000 the quantity in President Barack Obama’s last full month in office. And President Biden’s “inheritance” from Donald Trump is greater than twice the dimensions of the one President George W. Bushbequeathed to Mr. Obama.
However you’d by no means understand it listening to Mr. Biden on the White Home right now. Previous to a gathering with company chieftains, the president didn’t point out the excellent news his authorities had reported simply hours earlier. As a substitute, he provided primarily the identical speaking factors he’s been utilizing since final spring’s shutdowns.