The April Jobs report dropped Friday morning, and there’s no way to sugarcoat things: it was terrible.
According to data released Friday by the Bureau of Labor Statistics, job growth in the U.S. slowed down significantly last month, with a mere 175,000 positions added in April, falling short of the expected 235,000 jobs economists had predicted. The unemployment rate also inched up to 3.9%. Wages also rose less than anticipated.
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Friday's report also showed February's job growth revised down — to a gain of 236,000 nonfarm payroll jobs from the 270,000 previously reported — while March's report was revised up to job gains of 315,000 from the 303,000 initially reported.
Ahead of Friday's report, economists had also flagged revisions as important to watch as the last year has seen the average month's payrolls gains revised down by 13,000 jobs.
The April jobs report also showed the length of the average workweek fell last month, to 34.3 from 34.4. The underemployment rate, which includes the unemployed and those marginally attached to the workforce, rose to 7.4%.
By industry, the narrow gains in the labor market seen this year continued, with healthcare and social assistance employment increasing by a combined 87,000, accounting for almost exactly half the overall growth in nonfarm employment.
Retail and transportation and warehousing were the only two industries outside of healthcare and social assistance that saw payroll growth north 20,000 last month.
With the adjusted employment numbers for February and March, employment gains for those two months were 22,000 less than initially reported.
Despite the disappointing report, Joe Biden says all is well.
“With today’s report of 175,000 new jobs, the great American comeback continues,” he said in a statement released Friday morning.
“When I took office, I inherited an economy on the brink, with the worst economic crisis in a century. I had a plan to turn our country around and build our economy from the middle out and the bottom up,” the dishonest statement continued. “Now we are seeing that plan in action, with well over 15 million jobs created since I took office, working-age women employed at a record high rate, wages rising faster than prices, and unemployment below 4 percent for a record 27 months in a row.”
In reality, Biden took office when the economy was already recovering after the pandemic shutdowns.
“There’s more work to do,” Biden continued. “I have a plan to lower the cost of rent and homeownership by building 2 million homes; to cut taxes for middle-class families and American workers; and to continue making health care, prescription drugs, inhalers, and insulin more affordable.”
Queue the attack on Republicans.
“Congressional Republicans have a different vision. They are fighting to slash taxes on billionaires and let special interests rip off Americans. I will keep fighting for the middle class and hardworking families I grew up with—for Scranton, not Park Avenue.”
Not a single word about inflation.
Last week, the Bureau of Economic Analysis (BEA) reported that the U.S. economy grew by just 1.6% in Q1 of 2024—a significant slowdown compared to the 3.4% growth during Q4 of 2023. Economists had anticipated a slowdown but a more modest one.
Biden similarly tried to claim that the BEA report was good news.
“Today’s report shows the American economy remains strong, with continued steady and stable growth,” he claimed. “The economy has grown more since I took office than at this point in any presidential term in the last 25 years—including 3% growth over the last year—while unemployment has stayed below 4% for more than two years.”
Even leftist media outlets that are typically sympathetic to the Biden administration haven’t hesitated to fact-check his outlandish claims on the economy—particularly on the issue of job growth.
Without a doubt, today’s report is the latest indictment of Bidenomics. With six months left before the election, things will likely get worse before they get better, and Biden will have a terrible time spinning that in his favor.
The man is truly unhinged.
Doesn't anyone tell him how bad he sounds to those who are paying attention?
Is he just setting up a new candidate so that the Ds will be SO HAPPY for a change, they will accept ANYONE?