The November jobs report was released this morning, and though economists predicted around 550,000 jobs would be added, the numbers fell well short of those expectations:
The Labor Department said in its monthly payroll report released Friday that payrolls in November rose by just 210,000, well below the 550,000 jobs forecast by Refinitiv economists. The unemployment rate (which is calculated based on a separate survey) dropped more than expected to 4.2% from 4.6% — the lowest level since the pandemic began.
The figure marks a significant drop from October’s upwardly revised number of 546,000 and September’s upwardly revised 379,000. There are still about 3.9 million fewer jobs than there were last February, before the crisis began.
Fox Business anchor/journalist/financial analyst Charles Payne summed up the highs and lows of today’s report:
November Jobs Report Disaster (again)
594,000 back in labor pool (good news)
210,000 got jobs (bad news)
Wages +4.8% (a miss and less than inflation)
Don't worry folks on TV -trying hard to make it good news – saying don't believe the government.
— Charles V Payne (@cvpayne) December 3, 2021
I’m not an economics expert, but you have to think these numbers are especially bad considering we’re right here at Christmastime when you typically see job numbers on the rise as retail employers bring in seasonal workers to help with the holiday crush.
As to the Biden administration’s official reaction to the news, well, White House press secretary Jen Psaki was on the “Morning Joe” program this morning being interviewed by co-host Mika Brzezinski in-studio when the news broke. Brzezinski brought up the numbers and looked to Psaki for comment. That’s when things got a little awkward:
Awkward moment for Press Secretary Jen Psaki this morning, as disappointing jobs numbers announced as she was on MSNBC set. Said she couldn’t comment on the jobs numbers until 930 am.
— Josh Kraushaar (@HotlineJosh) December 3, 2021
Specifically, she said “by rules” she can’t comment until 9:30 a.m. Watch:
WATCH: On "Morning Joe," Jen Psaki claims she can't comment on the newly released, disastrous November jobs numbers, but then goes on to say "we're seeing good trends."
— John Cooper (@thejcoop) December 3, 2021
I’m trying to figure out what “rule” she’s talking about beyond perhaps a self-imposed Biden White House rule on not being able to comment on the official jobs report numbers until an hour after they’re released? My guess, and it’s an educated one based on this administration’s history of lying through their teeth and spinning like tops when confronted with inconvenient facts, is that she and her comms team need that time to try and brainstorm ways to look at the report from a “silver linings” perspective even though as Payne noted there isn’t much in the way of any type of silver lining when you look at the report.
Regardless of how they ultimately try to spin it, the facts are what they are and they are such that even Joe Biden and Kamala Harris themselves, as well as members of their team, are (inadvertently) admitting as much about the dire state of the economy under Bidenomics.
As I’ve said before, when even the Democrat leader of the free world and his second in command both acknowledge what other under circumstances would be considered a standard “Republican talking point” about the economy, that tells you quite a bit – with none of it being good.