The economy appears to be struggling under President Joe Biden, according to the new jobs report that was released on Friday morning.
Top lines from financial reports:
- CNBC: “Hiring was a huge letdown in April, with nonfarm payrolls increasing by a much less than expected 266,000 and the unemployment rate rose to 6.1% amid an escalating shortage of available workers. Dow Jones estimates had been for 1 million new jobs and an unemployment rate of 5.8%.”
- BLOOMBERG: “The numbers are out, and on the top line they are way worse than expected. Something seems very off: only 266,000 jobs created in April, and the unemployment rate ticked up to 6.1%, according to the report.”
- AXIOS: “Economists were hoping for a figure roughly 1 million jobs larger — making this the biggest miss, relative to expectations, in the history of the payrolls report.”
The black unemployment rate increased, 18,000 manufacturing jobs were lost, no construction jobs were added, unemployment for Americans without any college education increased, and women had a net loss in jobs.
The U.S. Bureau of Labor Statistics said that nearly 10 million Americans, 9.8 million to be exact, remained unemployed in Biden’s economy.
A report from CNN warned that “if you haven’t felt [inflation] yet, it’s coming.” “You can expect higher prices for toilet paper, diapers, soft drinks, plane tickets, a tank full of gas,” CNN Chief Business Correspondent Christine Romans said. “Whirlpool is raising prices of some of its appliances by up to 12%.”
The Wall Street Journal reported that many business owners say that they are struggling to find workers, which could deal a serious blow to Biden’s economy.
The U.S. Chamber of Commerce directly blamed the Biden administration’s stimulus spending for the worsening economy, saying that he was paying people to not work.
“The disappointing jobs report makes it clear that paying people not to work is dampening what should be a stronger jobs market,” the U.S. Chamber of Commerce said. “One step policymakers should take now is ending the $300 weekly supplemental unemployment benefit. Based on the Chamber’s analysis, the $300 benefit results in approximately one in four recipients taking home more in unemployment than they earned working.”