/Bidens Job Report Misses Expectations By Astonishing Amount

Bidens Job Report Misses Expectations By Astonishing Amount

President Joe Biden would win the competition to be the worst president of the United States history.

The Labor Department’s August Job Report shows that the U.S. added only 235,000 jobs in August, despite analysts expecting 740,000.

Check out what Breitbart had to say about it:

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.

Employment has risen by 17.0 million since the ebb in April 2020 but is down by 5.3 million, or 3.5 percent, from its pre-pandemic level in February 2020.

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