Commentary
The news of the falling unemployment and the rise in total payrolls in July 2022 came as a welcome relief to the White House. There were cheers all around, mainly because it plays into the story that this is not a recession, despite two consecutive quarters of falling output as measured by the GDP. If it is a recession—what’s in a name?—it’s different from any experienced in a century simply because it has not yet hit that key data indicator.
