Private sector job growth tumbles in March to 145,000, worse than expected. 145,000 gets scarier when you dig deeper and see that 68% of the new jobs were in the leisure and hospitality industry, which is going through its annual preparation for summer routine. I hate to keep playing the recording of “a recession is coming,” but these labor numbers are another milepost that says it is. OPEC cut production, making it more expensive to drive to a job paying a wage that doesn’t have the buying power, thanks to Biden’s inflation. The seeds of a recession that’ve been planted continue to grow.
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