It’s another disappointing month in the Biden economy.
As CNBC reported:
Job creation disappointed again in May, with nonfarm payrolls up what normally would be considered a solid 559,000 but still short of lofty expectations, the Labor Department reported Friday.
Payrolls were expected to increase by 671,000, according to economists surveyed by Dow Jones.
The employment- to-population ratio, which some Fed officials have cited as an important gauge of labor progress, inched higher to 58% but remained well short of its pre-pandemic level of 61.1%. The labor force participation rate, another closely watched metric, edged lower to 61.6% as the size of the group fell by 53,000 with more than 100 million American workers remaining on the sidelines.
Economists expected the U.S. economy would add one million jobs in April, bringing the unemployment rate down to 5.8%, Instead, the economy added only 266,000 jobs, the unemployment rate inched up slightly to 6.1%.
That represented the worst jobs report miss since 1998, and we just learned from the jobs report that they missed expectations once again in May.
Today, the U.S. economy still has 7.6 million, or 5% fewer workers than it did at the February 2020 pre-pandemic peak.
Matt Palumbo is the author of Dumb and Dumber: How Cuomo and de Blasio Ruined New York, Debunk This: Shattering Liberal Lies, and Spygate
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