Job growth in November was disappointing, meaning the overall economy is still down a few million jobs since the start of the pandemic.
NS Bureau of Labor Statistics reported Friday that employment increased by just 210,000 in November. This number is much lower than what economists had expected. Based on US News, economists estimate 573,000 jobs will be created in November.
The overall unemployment rate fell only 0.4 percent, from 4.6 to 4.2 percent, as CNBC reported.
White House Press Secretary Jen Psaki appeared on MSNBC on Friday morning, and when she heard reports about the amount of work, she avoided answering questions.
“I know this sounds a bit old fashioned, but I can’t comment on them until 9:30,” says Psaki.
Jen Psaki says she is “unable to comment” on the appalling November jobs report “until 9:30 am”.
So why is she on TV? pic.twitter.com/cfhuQLKKXD
– RNC Research (@RNCResearch) December 3, 2021
This comes after Psaki said on the show that economic issues are the administration’s most pressing concern. She also claimed that President Joe Biden’s $2 trillion Build Back Better plan would really help things.
But whatever Psaki says or not, the numbers are glaringly disappointing – especially after October’s numbers finally looked a bit more promising.
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In October, there are 531,000 jobs added, so Dow Jones estimates 573,000 new jobs and an unemployment rate of 4.5% in November, CNBC reported.
“It is disheartening to see that we have not been able to build on the strong October numbers, with uncertainty only going to increase as winter progresses. That said, it is not entirely surprising that this month it is not surprising that the country prepares to respond to the COVID-19 variant Omicron and continues to battle rising inflation and a supply chain crisis. The response is happening,” said Steve Rick, chief economist at CUNA Mutual Group NBC News.
But of particular concern is that there is no real certainty as to why November’s numbers are so bad.
“We all thought the labor supply would increase significantly and that didn’t happen. So you ask, ‘Why?’ There’s tremendous uncertainty around that, but a big part of it is clearly related to the ongoing pandemic,” Federal Reserve Chairman Jerome Powell told the Senate Committee this week, as NPR reported.
Everywhere, employers are having a hard time finding people to hire, and that’s hurting the economy.
In fact, several industries lost their jobs in November. Follow the market reported that the retail sector lost 20,000 jobs.
Despite all the dire numbers and trends that suggest a limp and deflationary economy, Psaki acts as if everything is going to be fine.
“But I would say, what people can expect the president to keep saying, today, month after month, that what we’re seeing are good trends, that we’re continuing to bring people up. people returning to work, that we are continuing to see labor force participation, that we are continuing to see unemployment fall, but we need to do more to address core problems existed long before the pandemic,” she said MSNBC, shortly after she said she could not comment on the numbers.
But the US economy is not fine. Without significant growth in the workforce soon, Biden has completely failed in one of his most fundamental jobs as president.
Source link Psaki looked panicked as she told the appalling work numbers on live TV, saying she was ‘unable to comment’