December’s jobs report was disappointing. It only reported 199,000 jobs, less than half of the 422,000 expected.
The U.S. economy was suffering from low wages in the leisure and hospitality sectors.
The economy has fully recovered, and it has for several months. However, the economy is still recovering but jobs are not returning.
The U.S. labor force is down 3.6 million jobs since the April 2020 peak. It’s mainly minorities who feel the pinch of Bidenomics.
The more comprehensive measure of unemployment, which includes discouraged workers as well as those who hold part-time jobs for economic purposes, fell to 7.3%, a drop of 0.4 percentage points. Despite the general unemployment rate falling, Black unemployment rose to 7.1%, up from 6.5%.
While wages were up by 4.7% in 2021, inflation was not taken into consideration. The inflation rate was 6.8% in December, but that number has not been calculated yet. This means that real wages are two more points.
Also, congratulations if you received a 5% increase last year.
Business Insider went as far as to state that the report “hints we’re at an economic boom”, but this time without considering inflation. Everyone enjoys the ease of inflation at first. The hangover comes later.
Team Biden will blame Team Joe Manchin and Kyrsten Sinema for today’s poor jobs report.
Is it necessary to have a lot of regulation, debt, entitlement, inflation, or all three?