Joe Biden’s situation is dire. He’s in serious trouble. Voters believe he is too old and cognitively impaired for president. They blame him for the poor economy, as they should. And polls show that he will suffer a massive defeat at the next election. His 2024 strategy’s biggest failure was to try to convince people that the economy is booming and to call it ‘Bidenomics.
Biden could have really used some good news to make a difference. Unfortunately, this was not going to be the case. According to the most recent jobs report, the job growth in October turned out to be worse than expected, and the unemployment rates moved in the opposite direction.
The Labor Department announced Friday that nonfarm payrolls had increased by 150.000 for the month. This was in contrast to the Dow Jones consensus estimate of 170,000. CNBC reported that the United Auto Workers strike was the primary cause of the gap, as the impasse resulted in a net loss for the manufacturing sector. The unemployment rate increased to 3.9%, its highest level since January 2022. This was against expectations that the rate would remain at 3.8%. The household survey used to calculate the unemployment rate showed that employment fell by 348,000 employees, but the number of unemployed increased by 146,000.
The broader unemployment rate, which includes discouraged workers as well as those who are in part-time jobs for economic reasons increased by 0.2 percentage points to 7.2%. The labor force participation also decreased to 62.7% and the number of workers shrank by 201,000.
CNBC: The underemployment rate “continues to move up” while labor force participation is “going in the wrong direction.”
That’s Bidenomics! pic.twitter.com/VrBqdUTGEt
— RNC Research (@RNCResearch) November 3, 2023
Becky Frankiewicz is chief commercial officer of staffing company ManpowerGroup. She told CNBC that “winter cooling” has hit the labor market. The hiring frenzy that followed the pandemic and the summer hiring heat has now cooled, and companies are holding on to their employees.
The hourly earnings rose less than expected.
“This report on jobs is another economic storm cloud that President Biden has been building.” Alfredo Ortiz is the CEO and president of Job Creators Network. He says that inflation has risen by almost 20% since Biden took office. Gas prices have risen by over 50%. Small businesses are facing a credit crunch and this year’s deficit reached $1.7 trillion. The Biden administration and Congressional Democrats are to blame for the economic turmoil, due to their reckless expenditure and anti-energy policy that has driven up prices. This in turn forced the Federal Reserve Bank to quickly raise interest rates.