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%.”
CNN’s @ChristineRomans: “If you haven’t felt it yet, it’s coming. You can expect higher prices for toilet paper, diapers, soft drinks, plane tickets, a tank full of gas. Whirlpool is raising prices of some of its appliances by up to 12% …” pic.twitter.com/02JnIf4b4s
— Tom Elliott (@tomselliott) May 7, 2021
Joe Biden’s economy:
The April jobs report was the worst miss in 23 years: “The worst miss, we’re told, since ’98.”
— Steve Guest (@SteveGuest) May 7, 2021
April jobs report numbers were so abysmal that CNBC’s Steve Liesman thought it was a typo & had to double check the number. But no mean tweets! pic.twitter.com/RpYs85zHC9
— Arthur Schwartz (@ArthurSchwartz) May 7, 2021
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.”
Here is a sample of how news organizations across the political spectrum handled the news:
- Fast Company: “Sorry, but today’s jobs report sucked. Here’s what you need to know”
- The New York Times: “The Jobs Report: The Boom That Wasn’t”
- The Washington Post: “Economy picked up just 266,000 jobs in April, well below expectations as economy struggles to rebound”
- Yahoo News: “April jobs report: Payrolls rose by 266,000, sharply missing estimates, as unemployment rate increased to 6.1%”
- Slate: “The Jobs Report Was Shockingly Bad. Please Don’t Overreact.”
- Vox: “Don’t freak out about the jobs report yet”
- Fox Business: “US hiring sharply misses expectations in April with just 266,000 new jobs added”
- CNN Business: “Major disappointment: America added way fewer jobs than expected in April”
- Axios: “U.S. adds just 266,000 jobs in April, far below expectations”
- MSNBC: “Job growth in April falls short, jolts debate over Biden’s plans”
- Newsweek: “Joe Biden’s April Jobs Report Posts Biggest Miss During Presidency”