The bad news just keeps on getting worse. And President Biden is running out explanations, but you can bet he’ll do his best to blame Donald Trump.
Democrats will boast that the November jobs reports added 210,000 jobs. However, experts promised at least 545,000 jobs would be added. That’s definitely a failing grade for Biden, as the unemployment rate now sits at 4.2%
The unemployment rates for adult men and adult women declined to 4.0 percent. The white unemployment rate fell to 3.7 percent and the black unemployment rate fell to 6.7 percent. The Hispanic unemployment rate declined to 5.2 percent. There was little change in the unemployment rates for Asians, at 3.8 percent, or teenagers, at 11.2 percent.
The labor force participation rate inched up to 61.8 percent in November but remains 1.5 percentage points lower than in February 2020. The employment-population ratio rose by 0.4 percentage point to 59.2 percent in November. This measure is up from its low of 51.3 percent in April 2020 but remains below the figure of 61.1 percent in February 2020.
Surprisingly, employment in retail trade declined by 20,000 in November. General merchandise stores shed 20,000 jobs, clothing stores shrank employment by 18,000, and sporting goods, hobby, book, and music store employment declined by 9,000. That raises questions about the strength of retail going into the holiday season.
Factor in the Black Friday bust, the current trend of smash and grab shopping, and rising costs of food and fuel, record breaking supply shortages, and we’ve got a disaster on our hands. Americans are bleeding out, and not even the Red Cross can stop the carnage.
Did SCOTUS make the right decision on medical mandates for large businesses?
Things are so bad, the Biden Administration didn’t know what to say. Let’s be honest here, the jobs report will never meet expectations under this administration. And when faced with the latest numbers, Jen Psaki completely shut down.
White House press secretary Jen Psaki was confronted with a disappointing jobs report as it broke during an MSNBC appearance Friday, before awkwardly saying she couldn’t comment for almost another hour.
Economists expected more than 550,000 new jobs in November, but only 210,000 were created, suggesting the labor market is still languishing from people hesitant to return to work.
During her in-studio appearance on “Morning Joe,” Psaki said it was obvious that economic issues were the most pressing for Americans and Democratic proposals like the nearly $2 trillion Build Back Better bill would lower costs on a variety of issues.
Co-host Mika Brzezinski then noted the November jobs number had just dropped.
“210,000. So if we look at that breaking news right now, that’s a number that feels a little … what? A little off?”
“Well, I know this sounds a little archaic, but I can’t comment on them until 9:30, by rules, because I work at the White House,” Psaki responded.
Now there’s a ridiculous way to buy time. “Because I work at the White House?” Wouldn’t that give her the authority to be in the know? But that’s her story, and she’s sticking to it.
“What I will say is people can expect the president to continue to say, today, month to month, is that what we’re seeing are good trends, that we are continuing to put people back to work, that we are continuing to see participation in the workforce, that we are continuing to see the unemployment rate go down, but there’s more we need to do to address core problems that have existed long before the pandemic.”
Brzezinski, noting Psaki couldn’t comment apparently for another hour, turned to Democratic strategist Adrienne Elrod to ask what Democrats could do more in order to “own” the economy.
Despite record inflation and continued supply chain problems, Elrod said she was frustrated because the economy is “doing so well,” but Democrats are still forced to play defense.
I’m guessing Elrod doesn’t pump her own gas. Or buy her own food. Because even a six-year-old can tell that our economy tanked the day Biden took over.