1 million new jobs past two months could point to economy overheating

Feb. 4, 2022, Fairfax, Va.—Americans for Limited Government President Rick Manning today issued the following statement on the latest jobs numbers:

“Over the past two months, the BLS establishment survey has shown gains of 1 million new jobs, but it is coming at the same time as red-hot 7 percent inflation, a collapsing 10-year, 2-year yield, 5.7 percent economic growth in 2021, and yet a projected GDP growth by the Atlanta Fed of just 0.1 percent for the first quarter, indicating the U.S. economy is headed into stormy waters. All Americans should hope that the establishment jobs gains will be sustained, but any prudent person should know that no business cycle lasts forever, and right now, some of the signs point to an economy that is overheating. At this juncture, it is almost guaranteed the Federal Reserve will hike interest rates next month, and the only question is by how much.”

For media availability contact Americans for Limited Government at 703-383-0880 or media@limitgov.org.