The economy continues to be bogged down not only by Bidenflation on everything from gas to groceries American families need every week, but ongoing signs that the workforce is on weak ground.
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Some of our recent stories were about the hundreds of jobs cut at a California-based Mexican restaurant chain, as well as at the lefty propaganda outfit, Media Matters for America.
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Those layoffs likely wouldn’t ping any statistics yet, of course. But the trend has started to be reflected in the latest jobs report, which dropped Friday morning.
The Biden Labor Department boasted about only one line of its report — the part that showed the number of jobs added beat analysts’ advance expectations. But there was a poison pill in the report, too, which Biden and the WH won’t be pleased to broadcast. [emphasis mine]
via the Hill:
The U.S. economy added 272,000 jobs in May, and the unemployment rate ticked slightly up to 4 percent, according to new Labor Department data released Friday.
The May jobs report was far hotter than the expectations of economists, who projected a gain of 185,000 jobs and no movement from the April jobless rate of 3.9 percent.
The slight increase in the jobless rate, however, ends the longest streak of sub-4 percent unemployment since the 1960s.
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This is bad news for a couple of reasons. First, for Dems and Biden, it puts a damper on their hopes to sway voters with a rosy message about a booming economy going into the November elections. Second, with the Federal Reserve set to meet again next week on whether to hold interest rates where they are or lower them, this can’t help but edge the predictions saying there will be a cut sooner rather than later. As always, we’ll keep you posted.
Related:
Fed Chief Says Inflation ‘Higher Than I Think Anybody Expected,’ No Interest Rate Cut