White House chief economist: Job growth ‘way ahead of schedule’

“Forward-looking measures of activity point to a huge production gain this quarter that should last into next year,” said Joe LaVorgna.

“That’s going to require a lot more physical bodies. And that’s income that’s created that then gets spent, which just multiplies through the economy.”

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s the United States continues to recover from coronavirus-related closures, job growth is “way ahead of schedule,” White House chief economist Joe LaVorgna told Just the News.

The U.S. economy added 661,000 non-farm payroll jobs in September, as the unemployment rate fell to 7.9%, according to the Department of Labor’s final monthly jobs report before the November election. That jobless rate represented a significant drop from August’s 8.4% and beat the anticipated 8.2% figure.

Although unemployment continues to fall, the September report showed a slowing in the rate of growth in job creation compared to the extremely rapid pace of the previous four months.

“Most people did not have the unemployment rate at 8% until the end of next year,” said LaVorgna, a former banker at UBS, Deutsche Bank and Lehman Brothers. “Some people didn’t even have it at 8%. And you can also look at some of the large Wall Street shops … some of them were predicting a 20%-plus unemployment rate in May.”

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