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President Biden took his usual victory lap after the latest jobs report on Friday, boasting that he’s “growing the economy from the middle out.” The catch is that he means it too literally, as government jobs drove a third of the gains. The bigger news was the labor market slowdown in the private economy.
The U.S. added 150,000 jobs in October, according to the monthly Labor report. That’s one of the smallest monthly gains since the pandemic recovery took off in 2021, second only to June of this year. Friday’s report also revised down combined job gains in August and September by 101,000.
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