Last updated on July 18th, 2023 at 01:43 pm
The latest jobs numbers back up President Biden’s claim that he is getting the economy back on track and America is building back better.
Unemployment falls to 4.2%:
The US added 210,000 jobs in November — less than economists expected. Unemployment rate is 4.2%.
— Betsy Klein (@betsy_klein) December 3, 2021
Details:
The good news from the jobs report: Labor force participation rose to 61.8% — the highest in this crisis and a sign more people are looking for work now.
The bad news:
-Only 210,000 jobs gained (vs 570k expected)
-Job losses in retail (-20,000)
-Little hiring in hospitality— Heather Long (@byHeatherLong) December 3, 2021
COVID Is Still Messing With The Job Market
There is little hiring in hospitality because that sector is nowhere close to being recovered from COVID, and the cases rise, the worse it is for the hospitality industry. The decline in retail is due to the same factors and related to any rise in COVID cases.
The numbers will be revised upward:
It's worth noting that the initial jobs numbers have been revised upward every month this year, except March. So there's a good chance the true number is about 80k higher than today's disappointing print.
That still wouldn't make up for this disappointing number.
— Justin Wolfers (@JustinWolfers) December 3, 2021
Republicans will focus on the jobs numbers miss, but what is happening is that the economy is still growing, labor force participation is growing, likely thanks to vaccine mandates, and more people being vaccinated, and the unemployment rate is falling.
President Biden is building back better. However, for the economy to take off in a way that hasn’t been seen in decades, America has to get more people vaccinated.
The supply chain issues are easing. Inflation is a problem, but the economic engine is getting more powerful as Biden’s plan is working.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association
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