Biden’s Economy Sputters as September Jobs Report Falls Short

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The September jobs report has been released, and the results are disappointing for the American public and embarrassing for the Biden Administration – if only they could be embarrassed.

ADP, a payroll company, reports that the U.S. private sector added 89,000 jobs in September. Dow Jones polled economists who expected nearly twice that number, or 160,000 jobs.

The revised August numbers show that 180,000 new jobs were added to the economy.

Nela Richardson said, “We’re seeing a steepening drop in employment this month.” “We are also seeing a steady drop in wages over the last 12 months.”

Let’s look at some of these figures a little more closely.

In September, leisure and hospitality added 92,000 new jobs. Transportation jobs fell by 13,000, and business services lost 32,000.

Small and medium businesses created 167,000 new jobs in February, while large firms shed 83,000.

Note the last part; large companies are losing employees, while small and medium businesses are adding jobs (in a disappointing amount). The bright spot, if there is one, is leisure and hospitality. I’ll get to that shortly.

In August, there were 6.38 million job seekers in the U.S. The ratio of available jobs to job seekers was 1.5, which is still in favor of workers. According to the Labor Department’s latest figures, this is down from 1,52 in July.

It’s good to see the bright side, but I’m also curious about how there are so many jobs available per worker in a nation where consumers still feel the pain of inflation. The answer is likely to be found above where we can see that the September gains are driven by the leisure and hospitality sector. These jobs aren’t high-paying, nor do they offer generous benefits.

In the post-COVID era, the manufacturing industry is one that struggles to restore and recover.

This is not what a soft land looks like.

Gallup’s survey revealed that the sample of their poll favored the GOP on a number of important issues, including the economy. This is the summary of this article:

  • Fifty-three percent of Americans believe the Republican Party will do a better job of keeping the country prosperous over the next few years, whereas 39% choose the Democratic Party.
  • A slightly larger majority, 57%, have greater faith in the Republican Party to protect the country from international terrorism and military threats, while 35% favor the Democrats.
  • Fifty-three percent of people believe the Republican Party will do a better job of keeping the country prosperous over the next few years, whereas 39% choose the Democratic Party.
  • The Republican Party has led on this measure in all but two readings in the trend originating in 2002, but today’s margin is one of the widest in that more limited stretch of time.

The GOP has a huge advantage, but it shouldn’t be overconfident. These numbers favor Republicans for the 2024 elections, but the GOP will need to act quickly. Cut spending. Reduce regulations. Remove the government from the way. Growth is driven by the private sector and not the government. To be a little more obvious, the government cannot create. It can only redistribute and take resources from the private sector.

The government must not interfere with the work of artists, writers, musicians, or actors. I’m talking about people who invent, create, and create products and services that people will pay for. Jobs are not created by the government; they are created by innovators and entrepreneurs. The workforce of mature companies such as John Deere and Ford Motors is fairly stable. An entrepreneur may start his business in the garage and hire two people the next year, then ten the following year, and 100 the fourth. This is how job growth occurs. This is something I have seen first-hand in my career, as I’ve worked at a number of start-ups. It is through this that the economy grows. This is the only way to get us out of our current debt and spending crisis if it’s not already too late.