US unemployment up, but defense contractor profits soar
As the US unemployment rate ticks up to 4.6 percent, reaching its highest level since 2021 according to Al Jazeera, the headlines focus on a 'cooling labour market.' Yet, this 'cooling' for the average American taxpayer coincides with record-setting figures in specific sectors. While federal workers and manufacturing feel the squeeze, look no further than the defense industry, whose stock prices
seem perpetually on a bull run, fueled by endless wars and military aid packages. Perhaps the 'economic cooling' isn't affecting everyone equally. With billions routinely diverted to military contractors and the ongoing geopolitical 'challenges' (or opportunities, depending on your portfolio), one might reasonably ask if the struggling federal worker or laid-off manufacturer is simply a minor
casualty in someone else's booming business model. The 'economy' works for someone––just maybe not for the majority of the working class.