Bad news. Unemployment increased in the U.S. by 203,000 in February as 588,000 fewer people reported having jobs, according to the latest data by the U.S. Bureau of Labor Statistics’ (BLS) household survey.
That means the economy is slowing down, as has been expected after overheating from high inflation for four years as a result of global production slowing down after Covid and printing trillions of dollars. In the process, American households maxed out their credit cards. The American people felt the pain big time, and it played a critical factor in knocking former President Joe Biden and former Vice President Kamala Harris out of power in 2024.
To be certain, total consumer credit was increasing at a 10 percent annual rate in April 2022, which has slowed down to 2.4 percent annual growth in Dec. 2024. And overall unemployment has actually risen by 1.3 million since Jan. 2023 to 7.05 million.
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