There’s a four-word expression that seems to be used a lot when it comes to Joe Biden and, in particular, his actions when it comes to the economy — fails to meet expectations.
How many times have we heard this when talking about the jobs report under Biden?
Well, here we are again. It’s October and now the September numbers are in and they “fail to meet expectations.”
CNBC panel shocked by terrible September jobs report: “Woah,” “That is real low.”
Biden is failing! pic.twitter.com/hzmudK4nWg
— RNC Research (@RNCResearch) October 8, 2021
When even CNN has to say how bad it is, you know it’s bad.
Here they are saying it’s “way less than expected,” less than last month, and “the worst of the year.”
CNN says the September jobs report is "way less, way less than anybody expected…and the worst of the year." pic.twitter.com/xvKLkwfwoN
— RNC Research (@RNCResearch) October 8, 2021
According to CNBC, non-farm-related jobs rose by just 194,000 when it had been expected to rise by 500,000. A very big failure, less than half of what was expected. Not a good look.
The unemployment rate dipped slightly to 4.8%, the DOL added, but the latest hiring data comes after dismal job growth seen in August as well. Some 366,000 jobs were added in August, according to revised data released on Friday, and over a million jobs were added in July.
The overall labor force dropped by 183K, almost the same amount of new jobs, and the number of those not in the labor force also grew by 338,000. Stephanie Pomboy, founder of the economic research firm Macro Mavens said, “183,000 people dropped out of the labor force in September. That’s an amazing number, and it’s not a good one.”
Stephanie Pomboy: "183,000 people dropped out of the labor force in September. That's an amazing number, and it's not a good one." pic.twitter.com/RzMWQ3wUfp
— RNC Research (@RNCResearch) October 8, 2021
While there were some gains in the hospitality area, part of the problem was a sharp drop in government employment. Is that related to vaccine mandates, one has to wonder? Both local government education (-144,000) and state government education (-17,000) lost jobs last month, according to Fox. CNBC also pointed to “declines in nursing,” raising the question there, too, about mandates perhaps affecting that arena as we see governments and hospitals promoting mandates. “Not the numbers you need to put people back to work,” CNBC’s Steve Liesman concluded.
“This is quite a deflating report,” said Nick Bunker, economic research director at jobs placement site Indeed. “This year has been one of false dawns for the labor market. Demand for workers is strong and millions of people want to return to work, but employment growth has yet to find its footing.”
Unfortunately, he’s made everything worse with the moves that he’s taken so far including previously having the continuing unemployment benefits that made it more profitable not to work. Now, he’s not doing anything that’s likely to make it better and indeed his further imposition of mandates is likely to make it worse in the coming months.
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