The Bureau of Labor Statistics issued a disappointing jobs report for November. The so-called experts were predicting increased jobs of around 535,000 for November. The BLS reports that the actual increase was 210,000. The labor participation rate was 61.8%. The unemployment rate was 4.2%. There were 6.9 million unemployed persons. We are still not at the pre-COVID-19 numbers of 3.5% or 5.7 million unemployed.
The inflation that I have been warning of, continues to go up. The figure for November was 6.8%, the highest rate since 1982. That compares to 6.2% in October. President Biden and others in his administration want us to believe that the inflation rate will ease up soon. I am skeptical.
Real wages continue to go down as wages increase at a slower rate than prices.
I do wonder if the Federal Reserve Board will begin increasing interest rates, trying to slow the increase in inflation. They have strongly hinted that they might next year. We have had unusually low interest rates for some time now.
Court Enjoins Federal Contractor and Subcontractor Mandate
A Federal District Court in Georgia, has issued a temporary, nationwide order, enjoining the federal government from enforcing any vaccine mandate against a federal contractor or subcontractor. That is the last remaining federal vaccine mandate. All have now been temporarily enjoined. You may recall that the others are Medicaid and Medicare providers and employers of 100 or more employees. Of course, we can expect all of these cases to end up in the U.S. Supreme Court.
The case was brought by the State of Georgia, and 6 other states. The Court also allowed Associated Builders and Contractors, a trade association, and Associated Builders and Contractors of Georgia, one of its chapters, to intervene as plaintiffs in the case.
The Court said, “In this case, Plaintiffs will likely succeed in their claim that the President exceeded the authorization given to him by Congress through the Federal Property and Administrative Services Act when issuing Executive Order 14042.” The Court cited the U.S. Supreme Court for the following principle: “However, even in times of crisis this Court must preserve the rule of law and ensure that all branches of government act within the bounds of their constitutionally granted authorities. Indeed, the United States Supreme Court has recognized that, while the public indisputably ‘has a strong interest in combating the spread of [COVID-19],’ that interest does not permit the government to ‘act unlawfully even in pursuit of desirable ends.’”
