The November jobs report released on Friday exposed just what a disaster the U.S. economy has become under President Joe Biden’s restrictive policies and poor leadership.
New job growth fell short – failing to hit even 50% of what financial experts had predicted.
To make matters worse, the disastrous jobs numbers arrived just before the U.S. government and the mainstream media triggered a mass panic over the new Omicron variant spreading throughout the country.
“Nonfarm payrolls increased by just 210,000 for the month,” CNBC reported, noting that the “Dow Jones estimate was for 573,000 new jobs.”
Leisure and hospitality, which includes bars, restaurants, hotels and similar businesses, saw a gain of just 23,000 after being a leading job creator for much of the recovery. Though the sector has recovered nearly 7 million of the jobs lost at the depths of the pandemic, it remains about 1.3 million below its February 2020 level, with an unemployment rate stuck at 7.5%.
Sectors showing the biggest gains in November included professional and business services (90,000), transportation and warehousing (50,000) and construction (31,000). Even with the holiday shopping season approaching, retail saw a decline of 20,000.
Government, of course, grew with an added 10,000 jobs.
Worker wages climbed for the month, rising 0.26% in November and 4.8% from a year ago which is still not enough to offset the dangerous level of inflation plaguing American workers.
Policymakers have been watching the employment figures closely to gauge how close the economy is to a full recovery from the depths of the pandemic.
Federal Reserve officials put a new wrinkle into the picture this week when they indicated that the measures they instituted to support growth could be coming to an end sooner than expected.
In congressional testimony earlier in the week, Fed Chairman Jerome Powell said he expects the central bank’s policy committee to discuss at its meeting this month stepping up the level at which it is tapering its monthly bond purchases. Powell said he sees the unwinding to conclude “a few months” sooner than expected, a move that would open the possibility for interest rate hikes.
San Francisco Fed President Mary Daly backed up Powell’s comments in remarks Thursday, saying that inflation that is stronger and more durable than expected is creating the need to rethink policy. She said the Fed should “at least, you know, think about raising the interest rate” and accelerating the taper pace.
Democrats, meanwhile, have been concentrating on trying to get the American people to turn their heads on inflation to distract them from the fact that those same politicians are incapable of fixing this massive problem they created.
Democrat Rep. Cindy Axne attempted to save face with midterms rapidly approaching, calling for House Speaker Nancy Pelosi to pass legislation addressing the ongoing supply chain problem, which has contributed to a massive spike in inflation.
Axne joined a group of vulnerable Democrats in a letter calling for the Democrat party leaders in the House to address the ongoing supply chain crisis and spike in inflation by quickly passing legislation. The vulnerable House Democrats wrote that they are “concerned about the ongoing disruptions to our nation’s supply chain, which are causing delays and increasing inflation for our constituents.”
However, Axne and the Democrats who co-sponsored the letter have been called out for writing the letter just to pander to their constituents.
“After months of falsely claiming inflation wasn’t real and taking votes to worsen the crisis, Cindy Axne is now pretending to care about rising prices by writing meaningless letters,” National Republican Congressional Committee (NRCC) Spokesman Mike Berg said. “Instead of meaningless letters, Cindy Axne should stop voting like a full-blown socialist.”
Author: Zach Mantis