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Biden’s economy continues to be a disaster.
The US economy added only 235,000 jobs in August.
740,000 jobs were expected.
The U.S. economy added 235,000 jobs in August and the unemployment rate dipped to 5.2 percent, the Labor Department said in its monthly labor assessment Friday.
The median Econoday forecast of analysts was for 740,000 jobs and an unemployment rate of 5.2 percent, according to Econoday. The private payrolls report from payroll processor ADP on Wednesday, however, pointed to a much weaker number, with ADP estimating just 374,000 jobs, missing estimates for 500,000.
The August figures follow the upwardly revised 1.1 million jobs for July (revised from the preliminary report of 943,000), which was the second straight month above consensus, and an unemployment rate of 5.4 percent, which was also better than consensus. The economy added 962,000 in June (revised up from last month’s estimate of 938,000 and the preliminary estimate of 850,000) and 614,000 in May.
One note of caution: the estimate of jobs is based on data from a mid-month work week that occurred when the level of new infections was considerably lower than it is now. That could mean that the survey results, although extremely disappointing, actually overestimated the number of jobs created by not accounting for a slowdown in the second half of the month.
The Media couldn’t cover up how bad this jobs report is:
Axios:
CNN:
CNBC:
CNN reports on the August jobs numbers: “Big miss…This is a disappointment†pic.twitter.com/JWfe0LuUPf
— RNC Research (@RNCResearch) September 3, 2021
Fox Business' Dagen McDowell on disastrous jobs numbers: “This was below the lowest estimate…below even the WORST CASE SCENARIO for economists." pic.twitter.com/IfulgoV8CZ
— RNC Research (@RNCResearch) September 3, 2021
Fox Business reports on the August jobs number: “Much weaker…A big miss pic.twitter.com/oSb9Urep5Y
— RNC Research (@RNCResearch) September 3, 2021
The Palmieri Report is a Pro-America News Outlet founded by Jacob Palmieri four years ago at the age of 19. Since its founding, it has gotten over 2M pages views and over 20k followers. The Palmieri Report is dedicated to giving people the truth so that they can form their own informed political opinions.
