Hey, where are the new 500,000 jobs, President Biden?
Today’s Labor Departments’ monthly labor assessment is more cold water on Biden’s economic recovery claims. The U.S. economy added just 235,000 jobs in August as the unemployment rate dipped to 5.2 percent.
Many mainstream analysts were forecasting 740,000 new jobs and an unemployment rate of 5.2 percent. ADP, the private payrolls report from payroll processor was estimating 374,000 jobs, which still ended up a 134,000 miss for the White House.
The interesting thing is the federal government’s own activities that are responsible for the struggling recovery while blaming the “Delta Variant”.
Multiple large stimulus payments, continued extended high unemployment benefits, and excessive COVID mask and vaccine mandates are incentivizing workers to stay at home. The vaccine mandates are forcing employees to quit and customers are unable to support local businesses without showing a vaccine passport.
In addition, millions of illegal aliens from over 100 nations have flooded metro markets, taking low-skilled and construction jobs, working under the table.
Zero Hedge reported:
Huge Jobs Miss As US Adds Just 235K Jobs In August
As we previewed earlier, while consensus for today’s closely-watched payroll print was 725,000, a drop from last month’s 943K, the whisper expectation was for a number decidedly lower, with BMO underscoring this point noting that the August NFP print has a seasonal tendency to underwhelm estimates in August, doing so 75% of the time and beating 25% of the time by 18k and 47k, respectively, on average.
And sure enough, moments ago the BLS reported that in August just a paltry 235K jobs were added, far below the 725K expected, and a huge drop to last month’s upward revised 1.053MM. While we expect that the pundits will quickly blame the resurgence of covid in August, manifesting itself in zero jobs added in leisure and hospitality, the reality is that the US economy is rapidly slowing even as inflation continues to soar, positioning the US squarely for a stagflationary crash and putting the Fed’s tapering plans squarely in doubt.
Twitter is on fire as conseravtives are poucing on the poor numbers.
CNN on the August jobs report "a BIG disappointment" and a "big miss." pic.twitter.com/lSSVA7O8oW
— House Republicans (@HouseGOP) September 3, 2021
Another disastrous economic report for the administration… Of course no one will cover it because Joe’s doing a such great job In every other aspect of his presidency so they’ll give him a pass on this. How long do you think this is sustainable for? https://t.co/lY0nhhOsae
— Donald Trump Jr. (@DonaldJTrumpJr) September 3, 2021
Jobs Report Huge Miss
There will be lots of excuse-making about the BLS jobs report coming in significantly below consensus (whisper numbers were higher).
There are 10,000,000 job openings. Delta played a role but there are much deeper issues= workers' strike. https://t.co/HCfz1cdJmR
— Charles V Payne (@cvpayne) September 3, 2021
I don’t expect things to improve as Biden’s team doesn’t understand Capitalism.
You can’t incentive workers to stay at home, paying them more than they would earn by returning to work.
2022 can’t get here quick enough.
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