According to the U.S. jobs report for the month of July, there were 528,000 new jobs added to the economy and the unemployment rate also dropped a bit, going from 3.6 percent to 3.5 percent.
So, for once, we’re getting a little good news. Very little.
In other words, the Biden economy still sucks big time.
The Daily Wire report also revealed that the report actually obliterated the prediction of 258,000 jobs added to the economy, which means that the United States has officially added back all of the jobs that were lost due to the COVID-19 pandemic.
“The robust jobs report will likely give leeway for the Federal Reserve to introduce more interest rate hikes in September for the third straight time to help curb inflation,” the report said.
“While more than half a million jobs were added to the economy, the data indicates that wages are not keeping pace with rising inflation. According to the BLS, average hourly earnings jumped 0.5% in July. In June, the American economy experienced a record high inflation of 9.1% as consumer prices skyrocketed across the economy,” the Daily Wire reported.
Trump adviser Steve Cortes had a realistic take on the new report tweeting, “Good Jobs headline number. Not real job creation – just finally back to pre shutdown levels.”
“But…by far the most important reality for Americans – esp middle and lower income citizens – is that Real Wages continue to crash, adjusted for the Inflation these ‘experts’ created…,” he then stated.
Good Jobs headline number. Not real job creation – just finally back to pre shutdown levels.
But…by far the most important reality for Americans – esp middle and lower income citizens – is that Real Wages continue to crash, adjusted for the Inflation these “experts” created… pic.twitter.com/3SoyHTDAXZ
— Steve Cortes (@CortesSteve) August 5, 2022
The numbers for labor force participant stayed virtually the same, which some economists believe is evidence that the current economy is not as strong as the leading job figures might indicate.
“The gain of 528K #jobs in July as the labor force participation rate fell to 62.1, means that most of the new jobs went to people who already had jobs,” Peter Schiff went on to write about the report. “Collapsing real wages force many workers to moonlight to pay the bills. If the labor market were strong one job would be enough.”
The gain of 528K #jobs in July as the labor force participation rate fell to 62.1, means that most of the new jobs went to people who already had jobs. Collapsing real wages force many workers to moonlight to pay the bills. If the labor market were strong one job would be enough.
— Peter Schiff (@PeterSchiff) August 5, 2022
One expert with the Heritage Foundation, E.J Antoni, spoke with the Daily Caller where he stated that the data is not really as strong as it appears.
“Despite a blockbuster headline number, the labor market data continues to be a mixed bag,” he went on to explain. “The labor force participation rate fell yet again in July, artificially pushing the unemployment number down.”
However, the numbers did top those predicted by the White House.
White House Press Secretary Karine Jean-Pierre claimed on Thursday that the U.S. economy was in a period of “transition” and “instead of that record-high breaking job numbers, that we’ve been seeing every month, in the realm of 500,00 – 600,000 jobs on average per month we’re expecting it to be closer to 150,000 jobs per month.”
“That would be a sign of a success of this transition” she continued, adding that a smaller jobs report is actually a sign of a “healthy economy.”
Karine Jean-Pierre on coming jobs report:
“Instead of that record-high breaking job numbers…we’re expecting to be closer to 150,000 jobs per month… We see that…as a healthy economy.” pic.twitter.com/RcOlPuHNAG
— Townhall.com (@townhallcom) August 4, 2022
This is a clown show, folks. Our current administration is trying their best to make you believe everything is okay and under Biden’s control, but it doesn’t take a genius to see that is indeed not the case.
The house is on fire, so to speak, and the president isn’t doing anything to try and put it out.
This story syndicated with permission from michael, Author at Trending Politics
Notice: This article may contain commentary that reflects the author's opinion.
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