After a rare somewhat acceptable jobs report in October, Bidenomics is back to disappointing.
According to Fox Business:
U.S. job growth significantly undershot expectations in November, suggesting that difficulty in attracting new workers is weighing on the labor market’s recovery from the pandemic, even as COVID-19 cases dissipate nationwide.
The Labor Department said in its monthly payroll report released Friday that payrolls in November rose by just 210,000, well below the 550,000 jobs forecast by Refinitiv economists. The unemployment rate (which is calculated based on a separate survey) dropped more than expected to 4.2% from 4.6% — the lowest level since the pandemic began.
However, the size of the labor force is still millions of people smaller than pre-pandemic, and those who aren’t in the labor force no longer count as “unemployed,” which makes the low unemployment rate misleading.
There are still about 3.9 million fewer jobs than there were last February, before the crisis began.
With the aforementioned brief exception in October, this continues a series of misses.
Biden’s jobs report in May represented the largest miss since 1998, coming 800,000 short of expectations. The figures were so bad CNBC’s anchors had to do a double take when reporting on the numbers, briefly thinking they may have been reported in error.
Meanwhile, last month’s inflation figures clocked in at a 31-year-high.
Matt Palumbo is the author of The Man Behind the Curtain: Inside the Secret Network of George Soros, Dumb and Dumber: How Cuomo and de Blasio Ruined New York, Debunk This: Shattering Liberal Lies, and Spygate
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