In yet another blow to the Former Vice President’s Administration, the August jobs report was released showing a complete miss of about 500,000 jobs.
Released Friday, the Department of Labor’s data shows just 235,000 jobs were added to the US economy. This is a complete miss of earlier expectations of 720,000 jobs being added.
Altogether, the past two month’s job increase is around 920,000 jobs.
August Jobs Report:
+ 235,000 (economist forecasts: 725,000)
That is what one would call a big, big miss.
Unemployment rate: 5.2%
— Phil Mattingly (@Phil_Mattingly) September 3, 2021
However, President Biden’s administration has overseen a slight unemployment decrease from 5.4% to 5.2%.
CNBC noted that the August numbers are, in fact, the worst job numbers recorded for the President; who is the same President that fallen up the stairs of Air Force One earlier this year.
The Department of Labor reported, “In August, employment in leisure and hospitality was unchanged, after increasing by an average of 350,000 per month over the prior 6 months. In August, a job gain in arts, entertainment, and recreation (+36,000) was more than offset by a loss in food services and drinking places (-42,000). Employment in leisure and hospitality is down by 1.7 million, or 10.0 percent, since February 2020.”
Speaking to CNBC, Glassdorr’s senior economist Daniel Zhao said,“The labor market recovery hit the brakes this month with a dramatic showdown in all industries.” He went on to blame COVID for the miss, saying “Ultimately, the Delta variant wave is a harsh reminder that the pandemic is still in the driver’s seat, and it controls our economic future.”
It must be noted that these poor job numbers come after the sharpest year-over-year rise in inflation was reported in July at 7.8%