OPINION: A million new jobs in past two months could point to economy overheating

Over the past two months, the U.S. Bureau of Labor Statistics (BLS) establishment survey has shown gains of 1 million new jobs, but it is coming at the same time as red-hot 7 percent inflation, a collapsing 10-year [yield] and 2-year yield, and 5.7 percent economic growth in 2021.

And yet [we see] projected GDP growth [forecast] by the Atlanta Fed of just 0.1 percent for the first quarter, indicating the U.S. economy is headed into stormy waters. 

All Americans should hope that the establishment jobs gains will be sustained, but any prudent person should know that no business cycle lasts forever, and right now, some of the signs point to an economy that is overheating. At this juncture, it is almost guaranteed the Federal Reserve will hike interest rates next month, and the only question is by how much.                                             

Rick Manning is president of Americans for Limited Government (ALG). The organization says it is a “non-partisan, nationwide network committed to advancing free-market reforms, private property rights, and core American liberties.” This op-ed is drawn from a news release the ALG issued on Feb. 4.