Job Market Does a 360 in Expectations: Charting a New Course to National Economic Prosperity

There are some signs of life in our economy and people are unsure of what that means. In a somewhat rare instance the economy added many more jobs than initially expected at a time when inflation is high. Most of the analysts are a little confused on why this happened when there are mixed signs the economy may be slowing. We would need to look at a bunch of different numbers to more specifically point out the causes. I'm interested in what the analysts think.

(I have a few ideas as they relate to assumptions of the economy being challenged.  Broad growth is a good sign of broader economic pick up. What would be a fantastic situation is if the unemployment rate stays the same, productivity goes up, and inflation comes down. A type of growth of U.S. production capacity both physical and digital. If a new homeostasis comes about due to a national adaptation we would be on slightly higher but significant economic platform. It would have to be sustained for a long period of time based on a fundamental transition such as the Internet a few decades ago. In this case it might be a blip, another blip, and eventually a homeostasis. Let us see over the next few years.)

(Someday its going to happen but when that teeter totter leans in the higher direction depends on the various pressures, capacities, and opportunities that present themselves now or 10 years from now. This is sort brain storming possibilities of how a transition into a digital platform with increased productivity might work. Productivity as defined by the increase use of functional technology in the hands of individual users. )

According to the BLS Employment Situation Summary January 2023: "Total nonfarm payroll employment rose by 517,000 in January, and the unemployment rate changed little at 3.4 percent, the U.S. Bureau of Labor Statistics reported today. Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and health care. Employment also increased in government, partially reflecting the return of workers from a strike."

Labor, financial capital and technology are important for the development of society in a way that leads to increases in economic strength and overcoming limited labor capacity by using technology at a multiplier(Labor is often seen as a unit with a certain value. If the capacity of the unit changes through adaptation of technology how does it impact our assumptions? i.e. vr and other online technologies that become integrated into our daily working lives. I will need to look up how they calculate that value. Its probably very simple.) (See National Development). 

The NY Times has a solid analysis in January Jobs Report Pace of U.S. Hiring Surges Unexpectedly (Notice Hospitality and Leisure coming back with education, business and government growing. )

The IMF also raised its projections in IMF Raises 2023 Projections.