April’s jobs report is in, and the numbers are raising concerns.
That’s because the United States economy, under President Joe Biden, significantly underperformed in April.
The Labor Department on Friday released its jobs report for April, and what that report shows is that only 266,000 jobs were created in the month. It further shows that the unemployment rate went up to 6.1 percent.
These numbers, in themselves, may not mean a whole lot to you, which is why it is necessary to put them – particularly the new jobs number – into perspective.
Biden misses a milestone
In recent months, the number of new jobs created each month has been on an upward trend. February, for example, saw the creation of 536,000 jobs, and, March, 770,000 jobs. By no means was our economy back at pre-coronavirus levels, but it was heading in the right direction.
Accordingly, experts believed that this trend would continue in April. Prediction varied, but the expectation was that somewhere between 755,000 and 1.25 million new jobs would be added in April to the U.S. economy.
So, as you can now see, 266,000 isn’t even in the ballpark. It, in fact, is a massive disappointment.
Biden, ahead of the job report’s release, was gearing up to celebrate the addition of 2 million jobs during his first 100 days in office. He needed some 700,000 jobs to get there, but he missed the mark by about 440,000. And, adding insult to injury, the Labor Department revised February’s and March’s numbers indicating that roughly 80,000 fewer jobs were created in those months than previously expected.
But, the Labor Department’s most recent report isn’t just disappointing, it’s a legitimate cause for concern.
It is believed that the upward trend that was being experienced before April was the result of former President Donald Trump. He managed to acquire coronavirus vaccines and put America on a path to recovery. Biden, it appears, could have hurt that recovery particularly with the spending that we saw with the $1.9 trillion coronavirus package.
White House chief of staff Ron Klain seemed to admit as much on Friday, retweeting this message: “This is why we were right to be skeptical about the Summersian numbers crunchers who said the relief bill was way too much spending.”
The bad news is that Biden and his administration are showing no sign of slowing down the spending, and now, many are predicting that harsh inflation is imminent.