Look Deeper, And The Jobs News Under Biden Sucks

Biden Sees Good News in Bad Economic News

• The Labor Department reported that the economy had created 372,000 jobs in June, beating the consensus forecast, and the unemployment rate held at 3.6%.
• In response, Biden rushed out a statement bragging about how "this has been the fastest and strongest jobs recovery in American history," and that it "would not have been possible without the decisive action my administration took last year to fix a broken COVID response, and pass the American Rescue Plan to get our economy back on track."
• Only the last claim has any truth to it.

The Labor Department data show that the working-age population in America shot up by 4.2 million from February 2020 to June 2022.

• Private-sector employment hit a new peak in June, surpassing the previous peak set in February 2020, but is still 524,000 below its Trump peak.

Unemployment Rate

• The unemployment rate tracks only those who are looking for work or who have a job.
• Only 62.2% of working-age adults (those over 16) are in the labor force, down from 63.4% at the pre-COVID peak.
• The bulk of the decline in unemployment isn't because people are finding work, but rather people are giving up looking for a job altogether.

 

https://issuesinsights.com/2022/07/11/look-deeper-and-the-jobs-news-under-biden-sucks/