Posted on 05/07/2021 9:08:17 AM PDT by SeekAndFind
As President Joe Biden threatens to raise taxes on American job creators, as unemployment benefits continue and as inflation gains steam, the latest economic picture is a bleak one.
According to the Bureau of Labor Statistics, unemployment has gone up rather than down as Wuhan coronavirus restrictions across the country are lifted.
"It looks like it was a big miss," CNBC reports.
The April jobs report was so bad @CNBC had to double check the number to make sure they read it correctly. pic.twitter.com/I7AHf1jUP2— Mike Berg (@MikeKBerg) May 7, 2021
"A big miss on jobs, the worst miss we're told since [19]98,"analysts continue.
Joe Biden’s economy:
The April jobs report was the worst miss in 23 years: "The worst miss, we're told, since '98."
pic.twitter.com/UL9sbDeMYD— Steve Guest (@SteveGuest) May 7, 2021
Today’s jobs report is a disappointment—just like President Biden’s plan to burden families with more taxes & more debt.
While Dems trap people in a cycle of fear & pay them NOT to work, it’s clear the best thing to do is end the crisis-era policies & get Americans back to work.— Kevin McCarthy (@GOPLeader) May 7, 2021
The news comes as prices rise on basic household goods, groceries and energy, prompting fears of increased inflation.
Same observation here:
https://thefederalist.com/2021/05/07/april-job-numbers-are-so-bad-cnbc-thought-it-was-a-typo/
The economy still remains 8.2 million jobs short of pre-lockdown levels after the April jobs report published Friday signaled a slow, long road to recovery.
Only 266,000 jobs were added last month, far below the estimated million forecasters predicted. Unemployment was expecting to go down, not up, as it did to 6.1 percent while the government continues to dole out generous benefits to incentivize Netflix and couch surfing over a paycheck.
The April jobs numbers were so low, CNBC’s Steve Liesman appeared to believe there may have been a typo on air.
“It looks like 266,000. It looks like it was a big disappointment at 266, but maybe I have that wrong,” Liesman said, before confirming the number on the Bureau of Labor Statistics website. “Yes, 266 is correct … We have some issues here.”
The low numbers follow several months of disappointing jobs figures as employers struggle to recruit laid-off staff who earn just as much, if not more, in government unemployment benefits. According to the Wall Street Journal, more job openings exist this spring than did in the days leading up to the pandemic.
Job growth only averaged 524,000 per month over the last three months presenting an ominous sign a full recovery will be slow.
Good news for the fake stock market evidently.
The unemployment checks don’t end until September so don’t expect any job growth until then....unless, of course, the only motivated job seekers who are filling the few new jobs out there are the illegal aliens Biden is allowing to flood the country
Executive Vice President and Chief Policy Officer Neil Bradley released the following as a statement, saying that while there might have been a time when the benefit was needed, that time has now passed. "Paying people not to work is dampening what should be a stronger jobs market" and is hurting the overall recovery, he said.
"The disappointing jobs report makes it clear that paying people not to work is dampening what should be a stronger jobs market. We need a comprehensive approach to dealing with our workforce issues and the very real threat unfilled positions poses to our economic recovery from the pandemic. One step policymakers should take now is ending the $300 weekly supplemental unemployment benefit. Based on the Chamber’s analysis, the $300 benefit results in approximately one in four recipients taking home more in unemployment than they earned working.”
While Dems often butt heads with the Chamber of Commerce, the Party and its leader, President Joe Biden, certainly won't appreciate this growing chorus of opposition as they try to order up even more stimulus under the guise of "infrastructure".
In an interview with CNBC, Bradley repudiated a question about whether businesses need to simply raise wages. He noted that wages were actually a bright spot in Friday's report, and that the problem is businesses aren't just competing with each other for workers, but with the government, which is paying workers more to sit at home than businesses can afford to pay them to work.
STOLEN is not POTUS.
WTF?
STFU, Slow!
What a POS.
The coup continues!
Good news for the fake stock market evidently.
—
Indeed.
Inflation up. Missed job employment numbers. And every market heads higher.
China and Slow Joe wins!
In an interview with CNBC, Bradley repudiated a question about whether businesses need to simply raise wages. He noted that wages were actually a bright spot in Friday’s report, and that the problem is businesses aren’t just competing with each other for workers, but with the government, which is paying workers more to sit at home than businesses can afford to pay them to work.
—
One might even think this is the plan by FedGov to destroy private enterprise, or at least to destroy all small businesses. The few remaining big business are then easier to control.
“ who earn just as much,”
Obviously confused about the definition of “earn”
cp124 wrote: “Good news for the fake stock market evidently.”
The ‘market’ has been concerned that a better than expected recovery might cause the fed to raise rates. From that perspective, a disappointing job report implies a continuation of lower rates and thus the market responded positively.
Democrat, False, Illegal, Mentally Disturbed, Demented, POTUS, Joe Biden and his Democrat “Scum & Vermin” Political Party are moving the USA to “Third World Country” status!!! We, the USA are the Laughing stock, “Three Ring Circus”, around the entire world. Wake up, America....our country is dying and you are all asleep at the wheel!!!
I could care less...why? The wife and I are in the over-the-hill-gang....we have had a great ride through the American Dream for many,many, years!!! Sad....that you younger Americans are letting these low life, America hating Democrats destroy the greatest country the world has ever seen!!! How can you live with yourselves...when the handwriting of evil is so clearing written on the walls of American society for all to see, hear experience and fail!!! Go figure...folks!!! “SAD”!!!
Somehow the left doesn’t understand their policies are abject failures time and again. Somehow they again find themselves in positions of power to enact these failed policies. I don’t want power over anyone, but I do understand how the left keeps popping back up. Look at how Americans have responded to the BS put out by the media and the Dems. Cowards. Dutifully wearing a useless mask, closing their shops, etc. It was quite clear early on what was happening. People were willing to give a little to “flatten the curve”, but they wouldn’t stop there. The goalposts keep moving and people seem just fine with it. How did our ancestors ever settle this country? Sadly, much of that seems to be gone now. How I would love to be proven wrong, but blue America is lost.
98% of SM fools contributed and voted for Beijing cheating jo so I would gather they are going to pump the market up today to help the jester out. If this would’ve been Trump not only would the fake market tank but the mediaVOMITS would’ve been celebrating ecstatically 24/7!
Well, if I recall correctly any time the unexpected numbers didn’t appear higher as predicted during trumps term the market would always take a nosedive so I don’t see how you’re saying this is positive. Yes it’s positive because Joe Biden is fake president
Raise wages? How high would they have to go? Remember, it is the marginal rate between the unemployment “wage” and the real wage. Bust your hump for 2 or 3 dollars an hour? I don’t think many will bite. There are help wanted signs everywhere in Florida.
The latest economic picture is a bleak one.
Only 3 more years to go enjoy your vote.
In my state the unemployed get $360 from state and another $300 from feds. You can’t find workers for anything. They are paying KFC employees $14 an hour and still can’t find workers, so these restaurants are only keep drive through open because they literally can’t open the doors because of the lack of employees. Last week the local DQ closed down for a solid hour, everything because their same employees had been going at it for 6 hrs straight, no breaks and no help coming in. All that extra $$$ for those who are working will soon be eat up with higher prices because of higher employee wages. Welcome Back to the 1970’s...
Check the prices next time you grocery shop or fill up your car. The stagflation of Jimmy Carter is right around the corner. Time to bring out the misery index.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.