More Bad News For Biden: November Jobs Numbers Fall Short By Half

As Americans enjoyed their most expensive Thanksgiving dinner thanks to Joe Biden, job growth for November was also a big turkey.

The Biden economy added a scant 210,000 jobs in November, well under the estimated 550,000.

It’s not the first time the monthly jobs report has been abysmal.

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Economy Competing With COVID

Some slow but sure economic growth was being seen over the summer as the number of COVID-19 cases were dropping around the nation. But that didn’t last. 

The Labor Department also reported that there are still 3.9 million fewer jobs than before the onset of the pandemic last February.

University of Michigan Economist Justin Wolfers said of the report, “Today’s employment report is doubly disappointing, because the reference week occurred just as it looked like Covid was on the retreat. This was a moment for people to return to malls and to return to work. The Covid-related news has only gotten worse since then.” 

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Not All Bad News

There was a bit of a silver lining in the economic cloud. The labor force participation rate, the percentage of the population that is either actively employed or actively looking for work jumped to 61.8%. 

Some of the industries seeing the largest increases in job numbers included professional and business services with 90,000, transportation and warehousing with 50,000, and construction at 31,000.

But even with the impending holiday shopping season, retail was down by 20,000.

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COVID And Inflation

To make matters worse, the depressing jobs report comes on the heels of yet another COVID variant, Omicron, being discovered. How governments react will the most significant issue for the economy.

Couple that with Federal Reserve Chairman Jerome Powell, who testified before a Senate committee earlier this week, saying that not only is inflation here to stay, but it will continue to get worse.

Joe Biden wasted no time patting himself on the back for the anemic economic recovery, tweeting, “Today we have incredible news that our unemployment rate has fallen to 4.2% – a level experts didn’t expect us to achieve until 2024. We’ve created 588,000 jobs per month on average this year – a record. America is back to work, and our jobs recovery is going strong.”

Democrats also did a victory dance, claiming they are the “party of job growth.”

 

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The post More Bad News For Biden: November Jobs Numbers Fall Short By Half appeared first on The Political Insider.

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Author: Becky Noble


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