What recession? July job’s report destroys expectations

[Kahane's Grave Is A Gender-Neutral Bathroom]

Suddenly recessions are defined by jobs reports and unemployment rate instead of GDP. Labor force participation rate, though... that's not a thing.

But they're NOT defined by GDP, except as an unofficial rule-of-thumb.  Like all such empirical rules, this is not a hard and fast definition, especially in exceptional situations. 

In the U.S., recessions are officially declared by the NBER (National Bureau of Economic Research), which defines a recession as “a significant decline in economic activity that is spread across the economy and lasts more than a few months.”  The continued strong growth in jobs and extremely low unemployment rate make it clear that the current U.S. economy does not fit the definition of a recession.

I'll give credit where it's due. The jobs report is good news. I'm glad the blue states have decided to pull their weight. Labor force participation rate, however, directly affects the unemployment rate. Currently it sits at 62.1% and has declined in recent months. Compare that to 63.4% in 2020. The unemployment rate only counts those in the participation rate, meaning that even with a low unemployment rate, we have not recovered the actual number of jobs lost from COVID policies.

Now all we need is red states to pull their own weight via taxation!

[Kahane's Grave Is A Gender-Neutral Bathroom]

Suddenly recessions are defined by jobs reports and unemployment rate instead of GDP. Labor force participation rate, though... that's not a thing.

But they're NOT defined by GDP, except as an unofficial rule-of-thumb.  Like all such empirical rules, this is not a hard and fast definition, especially in exceptional situations. 

In the U.S., recessions are officially declared by the NBER (National Bureau of Economic Research), which defines a recession as “a significant decline in economic activity that is spread across the economy and lasts more than a few months.”  The continued strong growth in jobs and extremely low unemployment rate make it clear that the current U.S. economy does not fit the definition of a recession.

I'll give credit where it's due. The jobs report is good news. I'm glad the blue states have decided to pull their weight. Labor force participation rate, however, directly affects the unemployment rate. Currently it sits at 62.1% and has declined in recent months. Compare that to 63.4% in 2020. The unemployment rate only counts those in the participation rate, meaning that even with a low unemployment rate, we have not recovered the actual number of jobs lost from COVID policies.

Now all we need is red states to pull their own weight via taxation!

I'm pretty sure red state economies are doing better because of lower taxes. It's almost as if businesses want to be located and states that are business-friendly. Crazy.

Look at my economic PC score. Ofc. I'm refering to states that take more from the federal government than they give back.

[Kahane's Grave Is A Gender-Neutral Bathroom]

I'm sensing a pattern:

H.W. Bush: Jobs collapse
B. Clinton: Jobs rebound
W. Bush: Jobs collapse
Obama: Jobs rebound
Trump: Jobs collapse
Biden: Jobs rebound

And you can also insert "deficit explodes" and "deficit decreases".

Especially ironic given that Republicans are the ones who portend to be 'deficit hawks' and attack Democrats for their 'irresponsible spending' or whatever they call it.

I know OSR has his 'Carter let the military deteriorate' argument for the Reagan deficit explosion but what about the Bush and Trump explosions?