Today marks the beginning of the Biden Economy. Welcome back to economic mediocrity. But at least his Tweets aren’t mean, right? The New Jobs Report Is the Worst Miss in History as Biden Administration Failures Mount.
An absolutely pathetic showing for Joe’s “build back better” strategy.
They told us there would be a hiring boom. Instead, the lame economy added a weak 266,000 new jobs – sharply missing Wall Street’s expectations – amid a growing shortage of available workers.
The unemployment rate unexpectedly rose to 6.1% — while it’s still well below the April 2020 peak of 14.7%, it’s about twice the pre-crisis level, the Labor Department said in its monthly payroll report, released Friday morning. Economists surveyed by Refinitiv expected the report to show that unemployment fell to 5.8% and the economy added 978,000 jobs.
The figure marks a significant drop from March’s downwardly revised number of 770,000 and February’s upwardly revised 536,000.