Claims gains amid 300,000+ shortfall
President Biden tried to spin a second month of disappointing jobs-growth figures as a success on Friday, claiming that “monthly totals bounce around” before walking off without taking reporters’ questions.
Only 194,000 jobs were added last month, a new report from the Bureau of Labor Statistics revealed — falling far short of the 500,000 economists expected.
The disappointing numbers elicited gasps when they were revealed on CNBC, and Axios financial reporter Felix Salmon tweeted just one word: “Oof.”
But Biden, who arrived 90 minutes late to deliver an address on the new figures, claimed that his economy was working, noting that the unemployment rate dropped to 4.8 percent — the lowest since February 2020.
But economists noted that the rate does not count those who have given up on seeking employment, either because they aren’t finding the right job or have decided to drop out of the workforce.
“Today’s report has the unemployment rate down to 4.8 percent, a significant improvement from when I took office and the sign that our recovery is moving forward,” Biden said.
“The monthly totals bounce around,” he added, “but if you take a look at the trend, it is solid. On average, 600,000 new jobs created every month since I took office.”
The shortfall compounded a hiring slowdown in August, when the US added 366,000 jobs, according to revised figures released Friday — far below economists’ expectation of 720,000.
Analysts have noted that enhanced unemployment benefits have kept workers on the sidelines, but Biden and Democrats sought to use the disappointing news to promote even more federal stimulus.
“The jobs numbers also remind us that we have important work ahead of us and important investments we need to make,” Biden said. “We risk losing our edge as a nation if we don’t move.”
Republicans blamed Biden for the poor jobs figures.
Rep. Kevin Brady (R-Texas) said, “If this were a football team with this losing record, the coach would be searching for a new job at this point.
“President Biden is now a whopping 944,000 jobs short of what he promised from his last stimulus and, worse, has lost the confidence of the American people to lead the economy.”
Rep. Markwayne Mullin (R-Okla.) tweeted, “Over 300,000 FEWER jobs created than expected in September — further proof Biden’s economic policies are hurting our country.”
Brad McMillan, chief investment officer for Commonwealth Financial Network, explained that “the declines in the unemployment measures and the participation rate show that the movement of people back to the labor force has paused.”
Harvard economist Jason Fruman tweeted, “Job openings: 11.7m Unemployed: 7.7m The 1.5 openings per unemployed is the highest ever recorded.”
The return to work slowed despite the end of federal supplements last month for people who are unemployed. Some states still have special boosts for people unemployed as the Delta variant of the coronavirus keeps new infections and deaths high.
The lackluster economy has added to Biden’s woes, as a new Quinnipiac poll found him falling to an all-time low of 38 percent approval. Those polled faulted Biden for his disastrous pullout from Afghanistan, chaos on the southern border and mishandling the COVID-19 pandemic.
Now Biden’s economic agenda is on hold, as he sided with progressives who have vowed to block a bipartisan infrastructure package unless the controversial $3.5 trillion bill to expand welfare goes through. Republicans and at least two Democratic senators have come out against the $3.5 trillion bill.