A Modified, Limited Good Jobs Report

null By The Editorial BoardUpdated Jan. 5, 2024 7:03 pm ETJournal Editorial Report: Edward Lawrence interviews economic strategist Jason Trennert. Images: Getty Images/Bloomberg News Composite: Mark KellyIt’s an election year, so every economic report is going to be filtered through the lens of political benefit. President Biden thus celebrated Friday’s Labor Department report that employers added a solid 216,000 jobs in December, but below the top line there are signs of a softening labor market. The question is whether government spending can sustain the job growth amid a weakening economy and business investment.The unemployment rate last month held steady at 3.7%, but the labor force participation rate (62.5) and employment to population ratio (60.1) both fell by an unusually large 0.3 percentage points. Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8Sponsored OffersTurboTax: Extra 10% Off online federal products With TurboTax servi

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The Editorial Board

Updated Jan. 5, 2024 7:03 pm ET

Journal Editorial Report: Edward Lawrence interviews economic strategist Jason Trennert. Images: Getty Images/Bloomberg News Composite: Mark Kelly

It’s an election year, so every economic report is going to be filtered through the lens of political benefit. President Biden thus celebrated Friday’s Labor Department report that employers added a solid 216,000 jobs in December, but below the top line there are signs of a softening labor market. The question is whether government spending can sustain the job growth amid a weakening economy and business investment.

The unemployment rate last month held steady at 3.7%, but the labor force participation rate (62.5) and employment to population ratio (60.1) both fell by an unusually large 0.3 percentage points.