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Surprise jobs data gives boost to Biden on January 5, 2024 at 5:40 pm Business News | The Hill

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A surprisingly strong December jobs gain is good news for President Biden as the prospect of the long-sought-after “soft landing” comes into greater focus at the start of an election year.

Payrolls came in hot in December with 216,000 new jobs added to the economy and the unemployment rate remaining low at 3.7 percent, according to the Labor Department.

The December jobs report was another upside surprise for a labor market that defied economists’ expectations throughout 2023. But the promising state of the economy is hardly a lock in voters’ minds for the president.

Despite ample salesmanship, Biden’s economic approval ratings are low. Just 32 percent of Americans gave Biden a thumbs up on the economy in a November Gallup poll.

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US added 216,000 jobs in December, blowing past expectations

His overall approval ratings are also weak, with 39 percent of Americans giving him a passing grade in December polling. That’s still a slight improvement from his November rating of 37 percent.

And Biden currently trails former President Trump, his likely Republican opponent, by 2 percent in The Hill/Decision Desk HQ poll tracker.

The state of the economy is likely to be top-of-mind for voters, so 2024 promises to be a year of intense economic rhetoric and argumentation. Here’s how the first jobs report of the year sets the stage.

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The airport is ‘on the horizon’ for the soft landing

The December jobs report is boosting confidence among policymakers that the U.S. economy is in a “soft landing,” or the rebalancing of the economy toward slow and steady growth from high inflation without a recession.

After the federal government pumped trillions of dollars in stimulus into the economy and inflation took off in 2021, the Fed started raising interest rates in 2022 to slow things down, leading many economists to believe a recession was inevitable.

But despite many wrong predictions, a recession failed to materialize in 2023. The strong jobs numbers from December — along with wage growth of 4.1 percent over the past year — are yet more evidence for the soft landing scenario.

“What we’re seeing now I think we can describe as a soft landing, and my hope is that it will continue,” Treasury Secretary Janet Yellen said Friday in an interview on CNN.

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“The American people did it,” she added. “The American people go to work every day, participate in the labor market, form new businesses. But President Biden has tried to create incentives that give Americans the tools they need to help this economy grow.”

Yellen’s former Fed colleagues have also noted as much.

“The airport is on the horizon,” Tom Barkin, president of the Federal Reserve Bank of Richmond, said in a speech Wednesday. “Everyone is talking about the potential for a soft landing, where inflation completes its journey back to normal levels while the economy stays healthy. And you can see the case for that.”

Optimism among investors is also percolating.

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“Two consecutive positive jobs reports and solid consumer spending amid easing inflation are welcome news both for consumers and investors,” Stephen J. Rich, head of investment firm Mutual of America Capital Management, wrote in a statement sent to The Hill. “A soft landing for the economy appears much more likely.”

Parties battle for control of narrative

Democrats were eager to cheer the Friday jobs report as evidence that their policies are working as the party and Biden attempt to flip voter sentiment on the economy.

“Another strong report to round out a year of sustainable job growth, and growing the economy from the bottom-up and middle-out is the new pro-worker, pro-growth strategy,” Rep. Richard Neal (D-Mass.), ranking member of the House Ways and Means Committee, said Friday.

“By every measure, it’s working.”

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Why ‘Bidenomics’ is falling flat with voters

Republicans, however, are keeping the focus on cost increases endured by Americans over the past two years thanks to four-decade-high inflation and the Fed’s rapid rate hikes.

“The average monthly mortgage payment has increased by $1,089 and is 96 percent higher than when President Biden took office in January 2021,” Ways and Means Republicans said in a statement.

“Consumer credit debt has reached an all-time high of just over $1 trillion and the number of Americans struggling to pay credit card bills has increased sharply.”

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“As the calendar turns to 2024, working families see an administration pushing the same failed policies of ‘Bidenomics’ that have caused such financial and economic struggle, frustration, and anxiety,” Ways and Means Chair Jason Smith (R-Mo.) said.

Inflation is falling and gas prices are easing

While Americans are still dealing with elevated inflation, Democrats are hopeful that slowing price growth will bolster their pitch to voters.

Inflation has dropped from a 9-percent annual increase in June 2022 to a 3.1-percent increase this past November, according to the Labor Department’s consumer price index (CPI).

The dip in inflation comes as wage increases have broadly kept pace, with a 4.1-percent annual increase in average hourly earnings reported Friday by the Labor Department.

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For the lowest-paid workers in the economy, their wage increases have outpaced inflation for a net gain throughout the pandemic.

And gas prices, which are some of the costs that consumers feel most acutely, are also on the retreat.

The national average price for a gallon of gas was $3.09 on Friday — a far cry from the $5 peak at the height of inflation.

“Right now, the average driver in America is spending over $100 less than if gas prices had stayed at their peak,” Biden touted in a Friday post on X, formerly known as Twitter.

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Rate cuts may be delayed as job market holds strong

Investors had started to price in rate cuts for some time this year in anticipation of inflation returning to the Fed’s 2-percent annual expectation. 

That could lead to an additional boost for the stock market, which is already near record highs, with the S&P 500 index of major U.S. stocks up nearly 600 points since the end of October.

But the strength of the Friday jobs report will likely mean the Fed will push back rate cuts.


Fed officials question stock market surge after rate cut projections

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The chances of the Fed holding rates steady at its next meeting at the current range of 5.25 to 5.5 percent were clocked by the CME Fedwatch prediction algorithm on Friday at 95 percent.

Strengthening consumer sentiment may also be a tailwind for Biden heading into 2024, with the Michigan Survey of Consumer Sentiment soaring 14 percent in December.

​Business, Economy, News, 2024 election, Biden administration, Donald Trump, inflation, Jobs Report, Joe Biden, soft landing A surprisingly strong December jobs gain is good news for President Biden as the prospect of the long-sought-after “soft landing” comes into greater focus at the start of an election year. Payrolls came in hot in December with 216,000 new jobs added to the economy and the unemployment rate remaining low at 3.7 percent, according…  

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Google Accused Of Favoring White, Asian Staff As It Reaches $28 Million Deal That Excludes Black Workers

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Google has tentatively agreed to a $28 million settlement in a California class‑action lawsuit alleging that white and Asian employees were routinely paid more and placed on faster career tracks than colleagues from other racial and ethnic backgrounds.

How The Discrimination Claims Emerged

The lawsuit was brought by former Google employee Ana Cantu, who identifies as Mexican and racially Indigenous and worked in people operations and cloud departments for about seven years. Cantu alleges that despite strong performance, she remained stuck at the same level while white and Asian colleagues doing similar work received higher pay, higher “levels,” and more frequent promotions.

Cantu’s complaint claims that Latino, Indigenous, Native American, Native Hawaiian, Pacific Islander, and Alaska Native employees were systematically underpaid compared with white and Asian coworkers performing substantially similar roles. The suit also says employees who raised concerns about pay and leveling saw raises and promotions withheld, reinforcing what plaintiffs describe as a two‑tiered system inside the company.

Why Black Employees Were Left Out

Cantu’s legal team ultimately agreed to narrow the class to employees whose race and ethnicity were “most closely aligned” with hers, a condition that cleared the path to the current settlement.

The judge noted that Black employees were explicitly excluded from the settlement class after negotiations, meaning they will not share in the $28 million payout even though they were named in earlier versions of the case. Separate litigation on behalf of Black Google employees alleging racial bias in pay and promotions remains pending, leaving their claims to be resolved in a different forum.

What The Settlement Provides

Of the $28 million total, about $20.4 million is expected to be distributed to eligible class members after legal fees and penalties are deducted. Eligible workers include those in California who self‑identified as Hispanic, Latinx, Indigenous, Native American, American Indian, Native Hawaiian, Pacific Islander, and/or Alaska Native during the covered period.

Beyond cash payments, Google has also agreed to take steps aimed at addressing the alleged disparities, including reviewing pay and leveling practices for racial and ethnic gaps. The settlement still needs final court approval at a hearing scheduled for later this year, and affected employees will have a chance to opt out or object before any money is distributed.

H2: Google’s Response And The Broader Stakes

A Google spokesperson has said the company disputes the allegations but chose to settle in order to move forward, while reiterating its public commitment to fair pay, hiring, and advancement for all employees. The company has emphasized ongoing internal audits and equity initiatives, though plaintiffs argue those efforts did not prevent or correct the disparities outlined in the lawsuit.

For many observers, the exclusion of Black workers from the settlement highlights the legal and strategic complexities of class‑action discrimination cases, especially in large, diverse workplaces. The outcome of the remaining lawsuit brought on behalf of Black employees, alongside this $28 million deal, will help define how one of the world’s most powerful tech companies is held accountable for alleged racial inequities in pay and promotion.

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Luana Lopes Lara: How a 29‑Year‑Old Became the Youngest Self‑Made Woman Billionaire

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At just 29, Luana Lopes Lara has taken a title that usually belongs to pop stars and consumer‑app founders.

Multiple business outlets now recognize her as the world’s youngest self‑made woman billionaire, after her company Kalshi hit an 11 billion dollar valuation in a new funding round.

That round, a 1 billion dollar Series E led by Paradigm with Sequoia Capital, Andreessen Horowitz, CapitalG and others participating, instantly pushed both co‑founders into the three‑comma club. Estimates place Luana’s personal stake at roughly 12 percent of Kalshi, valuing her net worth at about 1.3 billion dollars—wealth tied directly to equity she helped create rather than inheritance.

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Kalshi itself is a big part of why her ascent matters.

Founded in 2019, the New York–based company runs a federally regulated prediction‑market exchange where users trade yes‑or‑no contracts on real‑world events, from inflation reports to elections and sports outcomes.

As of late 2025, the platform has reached around 50 billion dollars in annualized trading volume, a thousand‑fold jump from roughly 300 million the year before, according to figures cited in TechCrunch and other financial press. That hyper‑growth convinced investors that event contracts are more than a niche curiosity, and it is this conviction—expressed in billions of dollars of new capital—that turned Luana’s share of Kalshi into a billion‑dollar fortune almost overnight.

Her path to that point is unusually demanding even by founder standards. Luana grew up in Brazil and trained at the Bolshoi Theater School’s Brazilian campus, where reports say she spent up to 13 hours a day in class and rehearsal, competing for places in a program that accepts fewer than 3 percent of applicants. After a stint dancing professionally in Austria, she pivoted into academics, enrolling at the Massachusetts Institute of Technology to study computer science and mathematics and later completing a master’s in engineering.

During summers she interned at major firms including Bridgewater Associates and Citadel, gaining a front‑row view of how global macro traders constantly bet on future events—but without a simple, regulated way for ordinary people to do the same.

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That realization shaped Kalshi’s founding thesis and ultimately her billionaire status. Together with co‑founder Tarek Mansour, whom she met at MIT, Luana spent years persuading lawyers and U.S. regulators that a fully legal event‑trading exchange could exist under commodities law. Reports say more than 60 law firms turned them down before one agreed to help, and the company then spent roughly three years in licensing discussions with the Commodity Futures Trading Commission before gaining approval. The payoff is visible in 2025’s numbers: an 11‑billion‑dollar valuation, a 1‑billion‑dollar fresh capital injection, and a founder’s stake that makes Luana Lopes Lara not just a compelling story but a data point in how fast wealth can now be created at the intersection of finance, regulation, and software.

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Harvard Grads Jobless? How AI & Ghost Jobs Broke Hiring

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America’s job market is facing an unprecedented crisis—and nowhere is this more painfully obvious than at Harvard, the world’s gold standard for elite education. A stunning 25% of Harvard’s MBA class of 2025 remains unemployed months after graduation, the highest rate recorded in university history. The Ivy League dream has become a harsh wakeup call, and it’s sending shockwaves across the professional landscape.

Jobless at the Top: Why Graduates Can’t Find Work

For decades, a Harvard diploma was considered a golden ticket. Now, graduates send out hundreds of résumés, often from their parents’ homes, only to get ghosted or auto-rejected by machines. Only 30% of all 2025 graduates nationally have found full-time work in their field, and nearly half feel unprepared for the workforce. Go to college, get a good job“—that promise is slipping away, even for the smartest and most driven.​

Tech’s Iron Grip: ATS and AI Gatekeepers

Applicant tracking systems (ATS) and AI algorithms have become ruthless gatekeepers. If a résumé doesn’t perfectly match the keywords or formatting demanded by the bots, it never reaches human eyes. The age of human connection is gone—now, you’re just a data point to be sorted and discarded.

AI screening has gone beyond basic qualifications. New tools “read” for inferred personality and tone, rejecting candidates for reasons they never see. Worse, up to half of online job listings may be fake—created simply to collect résumés, pad company metrics, or fulfill compliance without ever intending to fill the role.

The Experience Trap: Entry-Level Jobs Require Years

It’s not just Harvard grads who are hurting. Entry-level roles demand years of experience, unpaid internships, and portfolios that resemble a seasoned professional, not a fresh graduate. A bachelor’s degree, once the key to entry, is now just the price of admission. Overqualified candidates compete for underpaid jobs, often just to survive.

One Harvard MBA described applying to 1,000 jobs with no results. Companies, inundated by applications, are now so selective that only those who precisely “game the system” have a shot. This has fundamentally flipped the hiring pyramid: enormous demand for experience, shrinking chances for new entrants, and a brutal gauntlet for anyone not perfectly groomed by internships and coaching.

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Burnout Before Day One

The cost is more than financial—mental health and optimism are collapsing among the newest generation of workers. Many come out of elite programs and immediately end up in jobs that don’t require degrees, or take positions far below their qualifications just to pay the bills. There’s a sense of burnout before careers even begin, trapping talent in a cycle of exhaustion, frustration, and disillusionment.

Cultural Collapse: From Relationships to Algorithms

What’s really broken? The culture of hiring itself. Companies have traded trust, mentorship, and relationships for metrics, optimizations, and cost-cutting. Managers no longer hire on potential—they rely on machines, rankings, and personality tests that filter out individuality and reward those who play the algorithmic game best.

AI has automated the very entry-level work that used to build careers—research, drafting, and analysis—and erased the first rung of the professional ladder for thousands of new graduates. The result is a workforce filled with people who know how to pass tests, not necessarily solve problems or drive innovation.

The Ghost Job Phenomenon

Up to half of all listings for entry-level jobs may be “ghost jobs”—positions posted online for optics, compliance, or future needs, but never intended for real hiring. This means millions of job seekers spend hours on applications destined for digital purgatory, further fueling exhaustion and cynicism.

Not Lazy—Just Locked Out

Despite the headlines, the new class of unemployed graduates is not lazy or entitled—they are overqualified, underleveraged, and battered by a broken process. Harvard’s brand means less to AI and ATS systems than the right keyword or résumé format. Human judgment has been sidelined; individuality is filtered out.

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What’s Next? Back to Human Connection

Unless companies rediscover the value of human potential, mentorship, and relationships, the job search will remain a brutal numbers game—one that even the “best and brightest” struggle to win. The current system doesn’t just hurt workers—it holds companies back from hiring bold, creative talent who don’t fit perfect digital boxes.

Key Facts:

  • 25% of Harvard MBAs unemployed, highest on record
  • Only 30% of 2025 grads nationwide have jobs in their field
  • Nearly half of grads feel unprepared for real work
  • Up to 50% of entry-level listings are “ghost jobs”
  • AI and ATS have replaced human judgment at most companies

If you’ve felt this struggle—or see it happening around you—share your story in the comments. And make sure to subscribe for more deep dives on the reality of today’s economy and job market.

This is not just a Harvard problem. It’s a sign that America’s job engine is running on empty, and it’s time to reboot—before another generation is locked out.

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