The New Jobs report for August is out, and as you can imagine, it is a HUGE disappointment with the economy only adding 235K jobs, according to the Labor Department.
The magic number for August was 720K new jobs, but Biden couldn’t even get half of that as unemployment fell from 5.2% to 5.4%.
Left-wing economists have come to Biden’s aid stating that Job growth was not ideal due to fears of the Delta Variant and heightened concerns of the pandemic and rising COVID cases.
Senior economist for Glassdoor told reporters: “The labor market recovery hit the breaks this month with a dramatic showdown in all industries,” he went on to say, “ultimately, the Delta variant wave is a harsh reminder that the pandemic is still in the driver’s seat, and it controls our economic future.
BY THE NUMBERS:
Professional and Business led the way in August with 74,000 new hires
Transportation and warehouse Jobs came in second at 53,000 new hires
Private Education a close third at 40,000 new hires
Other services saw 37,000 new hires
Retail saw a huge decline as it lost 29,000 employees last month, with the majority of the loss coming from restaurants, with 23,000 being the most significant chunk of the loss.
Employment also remains a big issue with 5.3 Million fewer workers and a smaller workforce of 2.9 million. Jobless claims have decreased to levels seen at the beginning of the pandemic, but a significant employment gap remains.
The most significant source of the blame for many small business owners and corporations is that many are making more money on unemployment and stimulus being distributed by Biden than working, so they are having a hard time finding employees or even applicants.
A Mcdonalds in Oregon got so desperate for applicants that they put up a banner asking for 14 and 15-year-old to apply.
According to experts, the problem worsens if the rules for unemployment are not fixed, and a push for people to go back to work isn’t implemented. Many economists believe that job growth won’t pick up until the summer of 2022, but the FED will be ready to implement interest rate hikes.
At a Press conference on Friday as the job reports came in from the Labor Department, Joe Biden spoke to the nation at a press conference where he got so desperate that he started impersonating former President Donald Trump to try to sell growth in the economy via the stock market.