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      Economists Expected a Hiring Slowdown. So Much for That.

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      Job gains remain rapid, unemployment is near a historic low and wage gains are robust nearly two years into the Federal Reserve’s campaign to cool the economy with higher interest rates — an outcome that has surprised policymakers and economic forecasters alike.At this time last year, Fed officials were predicting that unemployment would have spiked to 4.6 percent by now. Instead, it stands at 3.7 percent.Central bankers have for months said that they were hearing anecdotal evidence that the job market had begun to slow down: The Fed’s recent Beige Book summaries of anecdotal reports from around the country have suggested that hiring was slight or even flat in parts of the country. But while hiring cooled somewhat last year, no big fissures have shown through to the actual data.In fact, there are signs that the labor market is still very solid — something Jerome H. Powell, the Fed chair, acknowledged this week.“We’ve had a very strong labor market, and we’ve had inflation coming down,” Mr. Powell said. “So I think whereas a year ago, we were thinking that we needed to see some softening in the economy, that hasn’t been the case. We look at stronger growth — we don’t look at it as a problem.”Mr. Powell and his colleagues have suggested that the labor market has come back into balance as the supply of workers has recovered, something that has been helped along by a rebound in immigration and a recent jump in labor force participation. The number of job openings in the economy has slowly nudged down.But few if any economists expected job gains to remain this robust at a time when higher interest rates were expected to meaningfully weigh down the economy. In fact, many forecasters were predicting an outright recession early last year.The question for the Fed is what it means if the job market not only fails to slow down as anticipated, but actually accelerates again. While one month of data does not make a trend, officials are likely to keep an eye on strong hiring and wage growth.Mr. Powell said this week that robust growth in and of itself would not worry the Fed — or necessarily prevent them from lowering interest rates this year — so long as inflation continued to come down. But central bankers could become more wary if solid wage gains and a booming economy help to keep consumers spending so much that it gives companies the wherewithal to keep raising prices.“If there was a real concern that we were getting a re-acceleration, it might get them to pause a little bit,” said Kathy Bostjancic, the chief economist at Nationwide. But for now, “they’re more apt now to respond to a weakening in the labor market than to continued strength.” More

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      Our Economy Isn’t ‘Goldilocks.’ It’s Better.

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      “Let’s be honest, this is a good economy.”So declared Jerome Powell, the chair of the Federal Reserve, in his news conference on Wednesday after the Fed’s latest policy meeting. He’s right, even if the public isn’t fully convinced (although the gap between economic perceptions and reality seems to be narrowing). In fact, Powell is clearly wrestling with a dilemma many countries wish they had: What’s the right monetary policy when the news is good on just about all fronts?Contrary to what you may have heard, this is not a “Goldilocks economy” — get your children’s stories right, folks! Goldilocks found a bowl of porridge that was neither too hot nor too cold. We have an economy that is both piping hot (in terms of growth and job creation) and refreshingly cool (in terms of inflation).Hence the Fed’s dilemma. It increased interest rates in an attempt to reduce inflation, even though this risked causing a recession. Now that inflation has plunged, should it quickly reverse those rate hikes, or should rates remain high because we have not, in fact, had a recession (yet)?I believe that the risk of an economic slowdown is much higher than that of resurgent inflation and that rate cuts should come sooner rather than later. But that’s not the kind of argument that’s going to be settled on the opinion pages. What I want to talk about, instead, is what the good economic news says about policy and politics.Before I get there, a quick summary of the good news that has come in just in the past few weeks.First, inflation. For both historical and technical reasons, the Fed aims for 2 percent inflation; over the past six months, its preferred price measure has risen at an annual rate of … 2 percent. “Core” inflation, which excludes volatile food and energy prices, has been running slightly below target.The Fed also looks at wage growth, not because workers have caused inflation, but because wages are usually the stickiest part of inflation and therefore an indicator of whether disinflation is sustainable. Well, on Wednesday, the Employment Cost Index came in below expectations and is now more or less consistent with the Fed’s target. On Thursday we learned that productivity has been rising rapidly, so unit labor costs are easily consistent with low inflation.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Economists Predicted a Recession. So Far They’ve Been Wrong.

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      A widely predicted recession never showed up. Now, economists are assessing what the unexpected resilience tells us about the future.The recession America was expecting never showed up.Many economists spent early 2023 predicting a painful downturn, a view so widely held that some commentators started to treat it as a given. Inflation had spiked to the highest level in decades, and a range of forecasters thought that it would take a drop in demand and a prolonged jump in unemployment to wrestle it down.Instead, the economy grew 3.1 percent last year, up from less than 1 percent in 2022 and faster than the average for the five years leading up to the pandemic. Inflation has retreated substantially. Unemployment remains at historic lows and consumers continue to spend even with Federal Reserve interest rates at a 22-year high.The divide between doomsday predictions and the heyday reality is forcing a reckoning on Wall Street and in academia. Why did economists get so much wrong, and what can policymakers learn from those mistakes as they try to anticipate what might come next?It’s early days to draw firm conclusions. The economy could still slow down as two years of Fed rate increases start to add up. But what is clear is that old models of how growth and inflation relate did not serve as accurate guides. Bad luck drove more of the initial burst of inflation than some economists appreciated. Good luck helped to lower it again, and other surprises have hit along the way.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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      U.S. Economy Grew at 3.3% Rate in Latest Quarter

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      The increase in gross domestic product, while slower than in the previous period, showed the resilience of the recovery from the pandemic’s upheaval.The U.S. economy continued to grow at a healthy pace at the end of 2023, capping a year in which unemployment remained low, inflation cooled and a widely predicted recession never materialized.Gross domestic product, adjusted for inflation, grew at a 3.3 percent annual rate in the fourth quarter, the Commerce Department said on Thursday. That was down from the 4.9 percent rate in the third quarter but easily topped forecasters’ expectations and showed the resilience of the recovery from the pandemic’s economic upheaval.The latest reading is preliminary and may be revised in the months ahead.Forecasters entered 2023 expecting the Federal Reserve’s aggressive campaign of interest-rate increases to push the economy into reverse. Instead, growth accelerated: For the full year, measured from the end of 2022 to the end of 2023, G.D.P. grew 3.1 percent, up from less than 1 percent the year before and faster than in any of the five years preceding the pandemic. (A different measure, based on average output over the full year, showed annual growth of 2.5 percent in 2023.)There is little sign that a recession is imminent this year, either. Early forecasts point to continued — albeit slower — growth in the first three months of 2024. Layoffs remain low, and job growth has held steady. Cooling inflation has meant that wages are again rising faster than prices. And consumer sentiment is at last showing signs of rebounding after years in the doldrums.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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      Why Americans Are Feeling Better About the Economy

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      In 2022, Republicans seemed to have an easy path to regaining the White House, no actual policy proposals required. All they had to do was contrast Donald Trump’s economic record — which they portrayed as stellar — with the lousy economy under President Biden.That rosy view of the Trump economy involved a lot of selective forgetting — more about that in a minute. But the Biden economy was indeed troubled for much of 2022, with the highest inflation in 40 years. Jobs were plentiful, with unemployment near a 50-year low, but many economists were predicting an imminent recession.Since then, however, two terrible things have happened — terrible, that is, from the point of view of Republican partisans. First, the economy has healed: Inflation has plunged without any major rise in unemployment. Second, Americans finally seem to be noticing the good news.Before I get to that, however, let’s talk for a second about Biden’s predecessor. How can people claim that Trump presided over a great economy when he was the first president since Herbert Hoover to leave the White House with fewer Americans employed than when he arrived?We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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      Trump Dreams of Economic Disaster

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      Did Donald Trump just say that he’s hoping for an economic crash? Not exactly. But what he did say was arguably even worse, especially once you put it in context.And Trump’s evident panic over recent good economic news deepens what is, for me, the biggest conundrum of American politics: Why have so many people joined — and stayed in — a personality cult built around a man who poses an existential threat to our nation’s democracy and is also personally a complete blowhard?So what did Trump actually say on Monday? Strictly speaking, he didn’t call for a crash, he predicted one, positing that the economy is running on “fumes” — and that he hopes the inevitable crash will happen this year, “because I don’t want to be Herbert Hoover.”If you think about it, this isn’t at all what a man who believes himself to be a brilliant economic manager and supposedly cares about the nation’s welfare should say. What he should have said instead is something like this: My opponent’s policies have set us on the path to disaster, but I hope the disaster doesn’t come until I’m in office — because I don’t want the American people to suffer unnecessarily, and, because I’m a very stable genius, I alone can fix it.But no, Trump says he wants the disaster to happen on someone else’s watch, specifically and openly so that he won’t have to bear the responsibility.Speaking of which, when did Trump start predicting economic disaster under President Biden? The answer is before the 2020 election. In October 2020, for example, he asserted that a Biden win would “unleash an economic disaster of epic proportions.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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      Why Donald Trump Will Soon Be Attacking the Fed

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      Interest rates are heading down. Maybe not today, and maybe not tomorrow, but soon, and for the rest of this year (at least).Why? Because there are very good reasons for the Federal Reserve, which controls short-term interest rates — that’s how it makes monetary policy — to start reversing the sharp rate hikes it carried out beginning in March 2022. There’s a vigorous debate about whether those rate hikes were excessive, which I’m not going to litigate here. Whatever you think about past policy, the case for cuts going forward is very strong, and I hope the Fed will act on that case.What I don’t know is whether the Fed is ready for the political firestorm it’s about to face, and whether it will stand up to the pressure to keep rates too high for too long. Because it’s a safe prediction that Donald Trump and his supporters will scream that the coming rate cuts are part of a deep-state conspiracy to re-elect President Biden.Let’s talk first about the economics, which should — but might not — be the only thing guiding the Fed’s decisions.The Fed raised rates in an attempt to rein in inflation, which was running hot at the time — its preferred measure of underlying inflation was running far above its target rate of 2 percent. It kept raising rates until the middle of 2023, trying to cool off the economy and ensure that inflation came down.As it turns out, the economy still hasn’t cooled much, at least by the usual measures; the unemployment rate remains near a 50-year low. But inflation has plunged. Over the past six months, the core personal consumption expenditures deflator — try saying that five times fast — has risen at an annual rate of only 1.9 percent, below the Fed’s target, and more complex measures are close to 2 percent. Basically, the war on inflation is more or less over, and we won.So why keep interest rates this high? Right now the labor market looks a lot like it did on the eve of the pandemic, with both unemployment and other measures of market heat, like the rate at which workers are quitting, similar to what they were in late 2019. The Fed is projecting higher inflation over the next year than it was in 2019, but only slightly higher.Back then, however, the federal funds rate — the interest rate the Fed controls — was 1.75 percent. Now it’s 5.5 percent. It’s really hard to come up with a good reason it should stay that high.True, high rates haven’t produced a recession — yet. But there are hints of economic weakness, and the Fed is supposed to try to get ahead of the curve. So it’s time to start cutting rates.But rate cuts will have political implications. They will be good for Biden, although not exactly for the reasons you might think.I don’t know what the unemployment rate or the rate of economic growth will be in November, but because monetary policy works with a lag, what the Fed does in the next few months won’t have much effect on these numbers.Biden, however, is already presiding over a very good economy by normal standards, with solid job growth and plunging inflation. What he needs is for more Americans to accept the good news. And Fed rate cuts will help him with that. They will signal to the public that inflation really is under control; they will lead, other things being equal, to higher stock prices and lower mortgage rates.So we can expect howls from Trump and his allies that politics, not economics, is driving the coming rate cuts — even though Trump himself appointed Jerome Powell, the Fed’s chair.Why do we know this will happen? Partly because paranoia is MAGAworld’s normal condition: It sees sinister conspiracies everywhere.Beyond that, Trump and his allies constantly engage in projection, assuming that their opponents are doing or will do what they themselves would do or have done, like weaponizing the Justice Department for Trump’s own political ends.And when it comes to interest rate policy, Trump has a track record of doing exactly what I’m sure he will accuse Biden of doing: trying to manipulate the Fed. Ever since Richard Nixon pressured the Fed to keep rates low in 1972, possibly helping to set the stage for the stagflation that followed, it has been traditional for the White House to respect the Fed’s independence. But in 2019 Trump attacked Powell and his colleagues as “boneheads” and demanded that they cut interest rates to “ZERO, or less.”So we know that Trumpist attacks on the Fed for cutting interest rates are coming. What we don’t know is how the Fed will react.In a recent dialogue with me about the economy, my colleague Peter Coy suggested that the Fed may be inhibited from cutting rates because it’ll fear accusations from Trump that it’s trying to help Biden. I hope Fed officials understand that they’ll be betraying their responsibilities if they let themselves be intimidated in this way.And I hope that forewarned is forearmed. MAGA attacks on the Fed are coming; they should be treated as the bad-faith bullying they are.The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips. And here’s our email: letters@nytimes.com.Follow the New York Times Opinion section on Facebook, Instagram, TikTok, X and Threads. More

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      Will the Economy Help or Hurt Biden ’24? Krugman and Coy Dig Into Data.

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      Peter Coy: Paul, I think the economy is going to be a huge problem for President Biden in 2024. Voters are unhappy about the state of the economy, even though by most measures it’s doing great. Imagine how much unhappier they’ll be if things get worse heading into the election — which I, for one, think is quite likely to be the case.Paul Krugman: I’m not sure about the politics. We can get into that later. But first, can we acknowledge just how good the current state of the economy is?Peter: Absolutely. Unemployment is close to its lowest point since the 1960s and inflation has come way down. That’s the big story of 2023. But 2024 is a whole ’nother thing. I think there will be two big stories in 2024. One, whether the good news continues, and two, how voters will react to whatever the economy looks like around election time.Paul: Right now many analysts, including some who were very pessimistic about inflation last year, are declaring that the soft landing has arrived. Over the past six months the core personal consumption expenditures deflator — a mouthful, but that’s what the Federal Reserve targets — rose at an annual rate of 1.9 percent, slightly below the Fed’s 2 percent target. Unemployment is 3.7 percent. The eagle has landed.Peter: I question whether we’ve stuck the soft landing. I do agree that right at this moment things look really good. While everyone talks about the cost of living going up, pay is up lately, too. Lael Brainard, Biden’s national economic adviser, points out that inflation-adjusted wages for production and nonsupervisory workers are higher now than they were before the Covid pandemic.So let’s talk about why voters aren’t feeling it. Is it just because Biden is a bad salesman?Paul: Lots of us have been worrying about the disconnect between good numbers and bad vibes. I may have been one of the first people to more or less sound the alarm that something strange was happening — in January 2022! But we’re all more or less making this up as we go along.The most informative stuff I’ve seen recently is from Briefing Book, a blog run by former White House staffers. They’ve tried to put numbers to two effects that may be dragging consumer sentiment down.One effect is partisanship. People in both parties tend to be more negative when the other party controls the presidency, but the Briefing Book folks find that the effect is much stronger for Republicans. So part of the reason consumer sentiment is poor is that Republicans talk as if we’re in a depression when a Democrat is president, never mind reality.Peter: That is so true. And I think the effect is even stronger now than it used to be because we’re more polarized.Paul: The other effect affecting consumer sentiment is that while economists tend to focus on relatively recent inflation, people tend to compare prices with what they were some time in the past. The Briefing Book estimates suggest that it takes something like two years or more for lower inflation to show up in improved consumer sentiment.This is one reason the economy may be better for Democrats than many think. If inflation really has been defeated, many people haven’t noticed it yet — but they may think differently a little over 10 months from now, even if the fundamentals are no better than they are currently.I might add that the latest numbers on consumer sentiment from several surveys have shown surprising improvement. Not enough to eliminate the gap between the sentiment and what you might have expected from the macroeconomic numbers, but some movement in a positive direction.Peter: That makes sense. Ten months from now, people may finally be getting over the trauma of high inflation. On the other hand, and I admit I’m not an economist, I’m still worried we could have a recession in 2024. Manufacturing is soft. The big interest rate increases by the Fed since March 2022 are hitting the economy with a lag. The extra savings from the pandemic have been depleted. The day after Christmas, the Federal Reserve Bank of St. Louis said the share of Americans in financial distress over credit cards and auto loans is back to where it was in the depths of the recession of 2007-9.Plus, I’d say the labor market is weaker than it looked from the November jobs report. (For example, temp-agency employment shrank, which is an early warning of weak demand for labor.)Also, small business confidence remains weak.Paul: Glad you brought up small business confidence — I wrote about that the other week. “Hard” indicators like hiring plans are pretty strong. “Soft” indicators like what businesses say about future conditions are terrible. So small businesses are in effect saying, “I’m doing OK, and expanding, but the economy is terrible” — just like consumers!I’m not at all sure when the Fed will start cutting, although it’s almost certain that it eventually will, but markets are already effectively pricing in substantial cuts — and that’s what matters for the real economy. As I write this, the 10-year real interest rate is 1.69 percent, down from 2.46 percent around six weeks prior. Still high compared with prepandemic levels, but financial conditions have loosened a lot.Could there be a recession already baked in? Sure. But I’m less convinced than I was even a month ago.Peter: The big drop in interest rates can be read two ways. The positive spin is that it’ll be good for economic growth, eventually. That’s how the stock market is interpreting it. The negative spin is that the bond market is expecting a slowdown next year that will pull rates down. Also, what if the economy slows down a lot but the Fed doesn’t want to cut rates sharply because Fed officials are afraid of being accused by Donald Trump of trying to help Biden?Paul: I guess I think better of the Fed than that. And always worth remembering that the interest rates that matter for the economy tend to be driven by expectations of future Fed policy: The Fed hasn’t cut yet, but mortgage rates are already down substantially.Peter: Yes.Paul: OK, about the election. The big mystery is why people are so down on the economy despite what look like very good numbers. At least part of that is that people don’t look at short-term inflation, but at prices compared with what they used to be some time ago — but people’s memories don’t stretch back indefinitely. As I said, the guys at Briefing Book estimate that the most recent year’s inflation rate is only about half of what consumers look at, with a lot of weight on earlier inflation. But here’s the thing: Inflation has come way down, and this will gradually filter into long-term averages. Right now the average inflation rate over the past 2 years was 5 percent, still very high; but if future inflation runs at the 2.4 percent the Fed is now projecting, which I think is a bit high, by next November the two-year average will be down to 2.7 percent. So if the economy stays where it is now, consumers will probably start to feel better about inflation.Peter: Except that perceptions of inflation are filtered through politics. Food and gasoline are more expensive for Trump supporters than Biden supporters, if you believe what people tell pollsters. That’s not going to change between now and November.The Obama-Biden ticket beat the McCain-Palin ticket in 2008 because voters blamed Republicans for the 2007-9 recession. Obama-Biden had a narrower win in 2012 against Romney-Ryan, and I think one factor was the so-called jobless recovery from that same recession. That’s why Biden is supersensitive about who gets credit and blame for turns in the economy.For the record, Trump might be president right now if it hadn’t been for the Covid pandemic, which sent the unemployment rate to 14.7 percent in April 2020. The economy was doing quite well before that happened. A lot of Republicans are nostalgic for Trumponomics, although I think the economy prospered more in spite of him than because of him. Thoughts?Paul: Most of the time, presidents have far less effect on the economy than people imagine. Big stimulus packages like Barack Obama’s in 2009 and Biden’s in 2021 can matter. But aside from pandemic relief, which was bipartisan, nothing Trump did had more than marginal effects. His 2017 tax cut didn’t have much visible effect on investment; his tariffs probably on net cost a few hundred thousand jobs, but in an economy as big as America’s, nobody noticed.Peter: Just speculating, but I wonder if when people say they trust Trump more than Biden on the economy, they’re feeling vibes more than parsing statistics. You know, “We need a tough guy in the White House!”Paul: People definitely aren’t parsing statistics. Only pathetic nerds like us do that. And while Trump wasn’t actually a tough economic leader, he literally did play one on TV.But we don’t really know if that matters, or whether people are still reacting to the shock of inflation and high interest rates, which they hadn’t seen in a long time. Again, the best case for Biden pulling this out is that voters get over that shock, with both inflation and interest rates rapidly declining.Oh, and falling interest rates mean higher bond prices, and often translate into higher stock prices, too — which has also been happening lately.Peter: True, Paul. But cold comfort for people who don’t own stocks and bonds. Or who do own stocks and bonds in their retirement plans but don’t think of themselves as part of the capitalist class. To win in November, Biden and his team are going to need to be perceived as doing something for the working class and the middle class. That’s why you see the White House talking about eliminating junk fees and capping insulin prices.Paul: For what it’s worth, I think a lot of people judge the economy in part by the stock market, even if they don’t have a personal stake. That’s why Trump boasted about it so much, and has lately been trying to say that Biden’s strong stock market is somehow a bad thing.Finally, there are some indications that Democrats in particular are feeling better about the Biden economy. The Michigan survey tracks sentiment by partisanship. The numbers are noisy, but over the past few months Democratic sentiment has been slightly more positive than it was in the months just before the pandemic struck.Peter: Paul, how important do you think the economy will be to voters compared to other issues, such as Trump’s fitness for office, Biden’s age, abortion access, et cetera? I mean, if it’s not important, why are we even having this conversation?Paul: The economy surely matters less than it did when Republicans and Democrats lived in more or less the same intellectual universe — everyone agreed that the economy was bad in 1980 or 2008; now, Dems are fairly positive while Republicans claim to believe that we’re in a severe downturn. But there are still voters on the margin, and weak Democratic supporters who will turn out if they have a sense that things are improving.Peter: Democratic strategists think the election might come down to Pennsylvania and Wisconsin, assuming that Biden holds Michigan and New Hampshire and loses Arizona and Georgia. Any thoughts about the economic outlook for Pennsylvania and Wisconsin?Paul: No strong sense about either state. But one little-noticed fact about the current economy is how uniform conditions are. In 2008, so-called sand states that had big housing bubbles were doing much worse than states that didn’t; now unemployment is low almost everywhere.Of course, all political bets are off if we have a recession. But there’s a reasonable case that the economy will be much less of a drag on Democrats by November, as the reality of a soft landing sinks in.Oh, and my subjective sense is that for whatever reason, media coverage of the economy has turned much more positive lately. I have to think this matters, otherwise, what are we even doing? And until recently, media reports tended to emphasize the downsides — “Great jobs numbers, and here’s why that’s bad for Biden” has become a sort of running joke among people I follow. These days, however, we’re starting to see reports acknowledging that we’ve had an almost miraculous combination of strong employment and falling inflation.Peter: Paul, what economic indicators will you be paying the most attention to in the next few months with regard to the election? I’ll nominate inflation and unemployment, although those are kind of obvious.Paul: Unemployment, for sure. On inflation, I’ll be watching longer-term measures: Will inflation be low enough to bring down two- or three-year averages? And especially highly visible stuff, like groceries. Thanksgiving dinner was actually cheaper in 2023 than in 2022. Will grocery prices be subdued enough to reduce the amount of complaining?Oh, and I’ll be looking at consumer sentiment, which as we’ve seen can be pretty disconnected from the economy but will matter for the election.Peter: Happy New Year!Source photographs by Caroline Purser and Anagramm/Getty ImagesThe Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips. And here’s our email: letters@nytimes.com.Follow the New York Times Opinion section on Facebook, Instagram, TikTok, X and Threads. More